At e-BAS Accounts, there are two types of services available:
- BAS services and
- Bookkeeping services
Why are there two types of services?
e-BAS Accounts is a registered BAS Agent with the Tax Practitioners Board. What does this mean? It means that we are legally able to provide BAS services to you and as such, you can rely on our work to satisfy your tax liabilities and obligations with the Tax Office. Since the establishment of the Tax Agent Services Act 2009 (TASA 2009) it is illegal to engage a bookkeeper who is not a registered BAS Agent to perform BAS services for your business for a fee.
Bookkeepers found practicing in this way are subject to heavy fines and penalties! So BAS services, because they can only be performed by BAS Agents (like us!) are not the same as general bookkeeping services.
What are BAS Services?
BAS services include the following:
- Providing advice about a BAS Provision (A BAS Provision includes GST Law, Wine Equalisation Tax Law, Luxury Car Tax Law, Fuel Tax Law, Fringe Benefits Tax Law, PAYG (Pay As You Go) Withholding and PAYG Instalments). This includes interpreting any of these provisions in relation to your accounts.
- Preparing and/or lodging your Business Activity Statements, Instalment Activity Statements or Employee Payment Summaries.
- Preparing and/or lodging your Taxable Payments Annual Report (for those working in the building and construction industry)
- Reviewing your software data file (including making any amendments) and preparing reports which will be used to complete various tax forms either by the bookkeeper, you and/or your accountant.
- Processing and reporting your employees’ superannuation obligations including Reportable Employer Super Contributions.
- Processing the superannuation guarantee charge on behalf of employers.
- Preparing year-end reports based on your accounts which you and/or your accountant will use to satisfy your year-end tax liabilities and obligations.
- Reconciling data relating to a BAS Provision (see above) to determine the figures which will be used in your Activity Statement/s.
- Contacting the Commissioner of Taxation (i.e. the ATO) on your behalf in relation to a BAS Provision.
- Installing software like MYOB or QuickBooks and setting up tax codes in your Chart of Accounts. This includes training you to how to apply these tax codes when using your software.
- Coding tax invoices (we decide which tax codes should be used) and entering this information into your chosen accounting software.
- Preparing payroll for your employees including determining withholding obligations, deductions and entitlements; this also includes preparing employees’ payment summaries at the close of the financial year and sending the Payment Summary Statement to the ATO on your behalf.
- Setting up or designing your Tax Invoice and/or Adjustment Note templates that you will use to raise sales or credit invoices for your customers.
- Configuring the BAS report in MYOB or QuickBooks (now known as Accounts) software which you can use to prepare a draft BAS that you may lodge with the ATO (if we do not lodge on your behalf).
What are Bookkeeping Services?
Bookkeeping Services include the following:
- Data Entry (including using tax codes based on the client’s or accountant’s instructions)
- Bank Reconciliations
- Accounts Receivable including raising and sending sales invoices, monthly statements, open invoice reports and contacting late payers
- Accounts Payable including unpaid bill reports, bill payments and following up credits and refunds
- Raising reports from software which has been previously configured by your accountant or Tax Agent such as draft profit and loss, draft balance sheet and draft trial balance.
- General record keeping and filing.
Will I pay more for BAS Services?
No – you will pay the same rate for both BAS and bookkeeping services. This is because when you engage e-BAS Accounts to provide you with BAS services, you are relying on our expertise, knowledge and experience to satisfy your tax liabilities and obligations with the Australian Tax Office. We are not just bookkeepers – just like tax agents or accountants who provide professional taxation services, we are a registered BAS Agent Practice providing professional BAS services. Currently, e-BAS Accounts will charge you $88.00* per hour for any bookkeeping service or BAS Service listed above. See here for a more detailed pricing list (current as of 1st July 2018).