Bookkeepers handle and focus on the daily tasks of recording and organising financial transactions.
Accountant’s take this information one step further. They interpret & make sense of those numbers. They give taxation advice, lodge tax returns, give business structure advice and prepare payroll advice for owners and directors.
Also, importantly they are qualified to offer strategic planning for growth.
Yes you can!
The main reason business owners DIY is to save money. It makes sense, BUT, it’s not always a great idea!!
Just like you can also service your car or cut your own hair, DIY jobs often end in little [or major] disaster.
Yes, you absolutely can lodge your own!!
If you have all the time in the world and you feel you are up to date with the latest tax laws, you’d be crazy not to!!
It will save you money just like cutting your own hair [bowl haircuts anyone??], servicing your own car and growing your own steak [hmmmm, not sure about that one]!!
So while you can DIY your BAS and save some money please know if you get your Business Activity Statement (BAS) wrong, it could also lead to serious consequences.
In the short term, you may be charged penalties and interest for any unpaid or late payments. In the long term, incorrect information on your BAS could lead to a disruption in cash flow, as well as potential legal issues if the ATO decides to take further action.
Here are 3 reasons it is worth using a registered BAS agent
Oh just to add… Using a BAS agent also buys you more time. They are given lengthier due date!! Yay!!
So DIY or BAS agent? – It really is your choice. At least now you know a little more about our opinion.