How do our accountants prepare and lodge your BAS & IAS?
Preparing and lodging BAS and IAS statements can often feel overwhelming, with a range of regulations and requirements to adhere to.
For many business owners, the process can be confusing, and frankly, something they’d rather not do themselves.
With our expertise and guidance, you can rest assured that your tax obligations will be managed with precision and efficiency.
In this blog post, we explain the process of how your business accountant prepares and lodges both your BAS and IAS. Whether these need to be completed monthly or quarterly, we hope the information we provide will provide clarity on the intricacies of tax compliance.Â
How an accountant prepares your BAS and IAS
Whether you’re a small business or a well-established enterprise, working with our team ensures peace of mind and confidence in your tax compliance efforts.
Let’s start with your BAS
What is BAS?
BAS stands for Business Activity Statement, and is used to report various taxes in Australia. These include Goods and Services Tax (GST) and Pay As You Go (PAYG) withholding tax.
When is BAS due / lodged?
BAS can be lodged monthly or quarterly. The due date is set by the ATO and is dependent on your business turnover.Â
How does my accountant prepare and lodge BAS?
- Your registered BAS accountant gathers all financial records and transaction data meticulously, ensuring comprehensive coverage
- Next, we calculate not only GST collected and paid but also PAYG withholding tax and other pertinent taxes
- Then, we conduct a thorough review to verify the accuracy and integrity of all financial information
- We use advanced accounting software for BAS preparation
- Finally, we provide you with detailed guidance and recommendations on any necessary adjustments or corrections to ensure compliance
IAS preparation and lodgement
What is IAS?
IAS stands for Instalment Assessment Statement. It’s a report Australian businesses use to pay income tax in smaller amounts throughout the year. This helps to manage tax obligations more effectively.
The main difference between BAS and IAS is the taxes that they cover.
When is IAS due / lodged?
Like BAS, IAS is typically due and lodged either monthly or quarterly, depending on the reporting requirements set by the ATO.
How does my accountant prepare and lodge IAS?
- Your registered BAS & IAS accountant starts with a thorough review of financial records and income projections for the current financial year, ensuring all relevant data is included
- Next, we calculate the instalment amount, taking into account various factors such as expected income, deductions, and tax offsets, by ATO guidelines
- Then, we use accounting software and specialised tools to streamline the preparation of the IAS form, ensuring accuracy and efficiency
- Next, we conduct a comprehensive verification process, checking each detail of the IAS form meticulously to identify any discrepancies or errors
- Your accountant will submit the completed IAS online through the ATO’s Business Portal or other approved platforms
- We ensure that lodgement is completed in advance of the due date specified by the ATO, allowing ample time for any necessary adjustments or corrections
- Finally, we create a record of the lodgement process, including any payment confirmations and communication with the ATO, for future reference and auditing purposes
What you need to know about lodging BAs & IAS: a quick summary
When preparing and lodging your BAS and IAS, it’s crucial to understand key details:
- BAS involves reporting GST, PAYG withholding tax, and indirect taxes, while IAS specifically addresses income tax instalments for smooth tax compliance
- Both BAS and IAS can be lodged monthly or quarterly
- BAS requires detailed reporting on sales, purchases, and expenses; IAS helps estimate future income tax liabilities and payments
- BAS assists in tracking and managing GST obligations accurately and IAS supports businesses in managing income tax payments efficiently
- BAS is essential for businesses with a GST turnover exceeding $75,000. On the other hand, IAS applies to businesses with varying income tax obligations throughout the year
- Lodging both BAS and IAS ensures compliance with Australian tax laws and regulations
Streamlining tax compliance: how Edmunds’ qualified BAS & IAS accountants can help
At Bruce Edmunds & Associates, our qualified BAS and IAS accountants are dedicated to providing you with peace of mind and confidence in your tax compliance efforts.
From meticulously gathering financial records to conducting comprehensive reviews and submitting accurate statements, we handle every aspect of the process with precision and care.
Don’t let the complexities of tax compliance weigh you down. Choose Edmunds’ qualified BAS and IAS accountants to streamline your tax processes and ensure your business thrives. Contact us today to learn more about how we can support your business’s financial success! Call (03) 9589 5488 or contact us online to arrange an appointment.