Role of BAS Agent in Australia For Registering GTS

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March 3, 2023 / By mubashar

Our area of expertise is small to medium businesses. With your business activity statements, whether monthly, quarterly, or yearly, the BAS Agent in Australia can keep you on schedule and in compliance. Allow Numbers pro to handle the paperwork so that you can focus on running your business. Our team of qualified accountants would be able to help you as the top CPA accounting firm in Australia, Terneitt Melton, and Craigieburn.

Requirement For Enrolling GTS?

According to the BAS Agent in Australia, A company is required to register for GST under Australian tax law once its turnover (gross income less GST) reaches $75,000 and above. 

What if my Company is Expanding but is Still Under the $75K Mark? 

When the anticipated turnover for the upcoming 12 months exceeds the $75,000.00 threshold, a business should register for GST. However, you can voluntarily register for GST if you believe your sales are less than $75,000 but still want to do so. It’s crucial to remember that you must register for GST if your anticipated sales for the upcoming year will exceed $75,000.00.

What Happens if I Don’t Enrol in the GST?

The business will require you to pay back GST, which will come with a shortfall penalty and interest, if you are required to register for GST but fail to do so, fail to collect the GST from your customers, and the ATO begins an audit.

If my revenue is less than $75K, can I register for GST, The simple answer is “yes?” You only need to file an Annual Business Activity Statement if you are registered for GST and your annual revenue is less than $75,000.

How Frequently Must Submit BAS Statements?

We are prepared to optimize your finances and tax affairs as a top professional Numbers pro accounting firm with offices in Tarneit and in Different areas of Australia.

  • whenever annual revenue is less than $75,000.00
  • whenever quarterly sales surpass $75,000.00
  • whenever monthly revenue exceeds $20,000,000.00

Did the Australian Taxation Office (ATO) send your company a nasty letter informing you that they will need to audit your documents and invoices for the filed tax returns? We are experts in providing tax audits at Tax, the top CPA accounting firm in Australia.

How to Reduce the Effects of Tax Audits?

According to BAS Agent in Australia, We have a proven track record of success working with the ATO and assisting clients in navigating tax audits without incurring excessive shortfall tax penalties. We’d like to share with you a crucial piece of advice, it’s critical to assess the situation and develop a plan as soon as you can during a tax audit. Additionally, maintaining a line of communication with the ATO is crucial if you want to reduce the effects of the tax audit.

How Satisfied are The Editors?

In order to achieve the best results when working with the ATO auditor, it is crucial to promote cooperative and open communication. To ensure that the ATO auditor is satisfied with the audit case, it is essential to recognize the critical concern in any tax audit case, understand what the ATO auditor is seeking, and make an effort to provide the ATO auditor with pertinent and condensed information. If not, the audit case may expand to include additional years and related entities.