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2015 Tax Return Agent & BAS Agent - The Difference

2015 Tax Return Agent & BAS Agent - The Difference

This article is focusing on the differences between a Tax agent and a BAS agent services, their functions and how can their true potential be combined and coordinated to obtain best results.

Elina Naumenko   

Every individual in Victoria state tend to hire a Tax Agent Melbourne to file their subjective tax returns. However, when one consider running a business project, the role of an accountant, or in our case known as Tax agent, is rather critical in making certain that the client make the accurate decisions regarding the tax planning, business organization and development.
VTax Return Melbourne CBD

It is observed that some confusion usually arises among new business owners, as well as sometimes, experienced ones regarding whom they ought to pursue for perfect Tax Return Melbourne. Although, tax is said to be a comprehensive term in itself, but in actuality, there are certain vital aspects of taxation that a business must know about or otherwise this can result in causing adversarial effect on one's business.

Tax Agent-Defined

Tax Accountants Melbourne are exceedingly specialized and proficient in preparing and filing Income Tax Returns. Tax Agents usually tend to focus particularly on Income Tax; for instance how much income one needs to declare, how much one would claim back from the Australian Tax Office. Tax Agents are quite distinct from a traditional accountant, whose major concerns are planning and strategizing, and they mostly prefer to meet with client at least two times a year to appraise their tax situation and structure.
Basically an accountant's major responsibility is properly evaluating and advising the client about what actions must be taken to maximize their income tax. Considerably, every single financial step the client takes involves certain level of taxation, which tends to makes sense to take the advice of an accountant available.

Role of a Tax Agent

A good Tax Accountant Melbourne must search for the proper information about the course the client wants to take their business at most essentially, be a part of how the client plans to achieve that. This indicates that make certain that the client has:

  • adopted the accurate entity structures
  • strategically planning how or when the client conducts big purchases for instance equipment, vehicles, etc.
  • changes in the business and make sure the client meet any further taxation requirements, which can be fringe benefits tax, import tax and so.
The accountant must also provide information, without any ambiguity involved, on what expenses the owner can claim against their income, and must work in harmony and coordination with the client's BAS Agent or bookkeeper to ensure that decisions are redirected in the everyday financial records.

BAS Agent- Significance

BAS basically stands for Business Activity Statement. Fundamentally BAS is a document which reports Australian businesses' all the calculations and amount figures, and state the businesses' tax liabilities which are provided in the form of a report to the Australian Tax Office.
The first introduction of BAS was made along with GST in year 2000 and so it became a obligatory document for all operating businesses once businesses became accountable to pay their taxes. In that case, when a BAS is submitted the business became liable of paying the payable tax allowing government to collect the tax returns relatively sooner. Hence, this allowed businesses to distribute their tax payments over the year and balance their cash flow.

BAS Agents basically tend to focus on their client's daily financial tasks, which include accounting and BAS filing. As the new BAS Agent legislation was introduced in 2010, it stated that if an entity is a GST-registered business, their money is perfectly spent on a proficient BAS Agent to make the business's financial records and carry out proper BAS calculations. BAS Agents also incline to offer an understanding regarding the best practice preparation of the financial figures, hence making it easier for the company's Accountant to offer their guidance and services accordingly. Accountants prefer a bookkeeper who makes all preparation for them because the hourly rate they usually charge, the businesses possibly prefer to hire an efficient bookkeeper rather make their Accountant to do data entry whole day.

Combination of Tax Agent and BAS Agent

While the service of accounting is normally offered; but most accountants prefer not to get involved in the bookkeeping aspect of the clients' business. If a business has employed the services of a BAS Agent or bookkeeper, it encourages their Accountant to keep them involved with the taxation planning. Similarly, the BAS Agent must remain in contact and coordinate with the Accountant during the year to make certain that all the most important transactions are treated properly for taxation purposes. Lastly, if the bookkeeping is updated properly, the recording is accurate; moreover the Accountant can provide their advice based on real data.

The BAS Agents provide bookkeeping services, and accounting firms provide financial advice but one must check and ensure that they are properly registered and certified. Both of these professionals offer a combination of services which when combined would ensure more promising and accurate result. However, one must not always relay for everything on one aspect and must consider all the sides of the picture. It is true that there are no substitutes for desired quality, as well as for multi-service discounts. So it is rather wise to concoct a team of specialists who are proficient and certified for their job, and one be must be an active part in the process as well as encourage strong communication between the hired consultants the better their services and advice would be the most accurate the information client provides them with.


About The Company

Tax Accountants Melbourne

City Tax Accountants has a team of proactive Tax Return Accountants Melbourne CBD dedicated to help your business evolve into a sustainable and successful one.

Level 28, 303 Collins Street, Melbourne VIC 3000

Tax Return Melbourne

With our simple, fuss free, over the phone service, affordable fees, and quick turn around time, City Tax Accountants Melbourne are the tax accountants for everyone.

Tel: (03) 90207377

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