What Are the Advantages of Hiring an Accountant?

What Are the Advantages of Hiring an Accountant?

BAS preparation

What will companies offering BAS preparation services expect in return for such a valuable service? As the mainstay of company formation, business formation in Australia is a crucial process for those seeking to establish their business in the country. Whether you choose to start a business in Australia or simply looking to open up a new branch, a successful business can only happen if the correct steps are taken to ensure that all of your formal requirements are met.

Basics

A basic BAS or Activity Statement is a legal document that should be submitted by all business owners to establish a new business in Australia. This is where the name of the business, address, phone number, email address, registration documents and any other official information relating to the company is documented. The BAS is a vital document because it provides an easy reference point for any relevant government agencies and it acts as a guide for companies when they’re conducting any financial or business activities.

Depending on the different companies offering this service, the BAS may be as simple as one page or as detailed as several pages. Companies typically submit a form that contains one or more pages of the required information. If they provide a full BAS, it will usually take two to three days to complete depending on the length of the document. However, to speed up the process, a company may submit only a section at a time.

After submitting the basic information required, a business owner may need to submit copies of their company incorporation documents, Memorandum of Association and all tax returns for the previous year. These documents are used to prove the legality of the company. It’s important to ensure that these documents are accurate and complete before they’re submitted to the Australian Tax Office.

Lawyer

If any legal assistance is needed, companies that offer a BAS preparation service may have a lawyer, accountant or solicitor to handle this task for them. This may also be a useful option if the company is unsure about certain aspects of the process. Lawyers, accountants and solicitors are well-versed with the legalities associated with setting up a company in Australia and can help a company decide on the best course of action when it comes to making certain legal documents and submissions.

BAS preparation

Before the company is registered in Australia, it is required to file all necessary documents with the Attorney-General’s Department which is known as the Companies Registry. All business forms must be filed in the Companies Registry to be valid per the Australian Business Number. The Australian Business Number must be obtained from the Department’s website to ensure that all business activities conducted by a company are legitimate. Business forms should also be filed with the Australian Securities and Investments Commission or ASIC, which is responsible for monitoring and regulating Australian businesses.

When companies offering BAS preparation services work with an accountant, they will typically do this task on a per-project basis. In some cases, they can also provide professional guidance.

Basic Tasks

Businesses that need the services of a professional in this field can rely on a professional to assist them with a wide variety of tasks including assisting with budgeting, business planning and other financial functions. These professionals can analyze and advise on how to keep expenses down and ensure that there are no unnecessary expenses or overheads.

Companies that want to set up a company in Australia can benefit from using the services of an accountant who will conduct thorough research and analysis to prepare the appropriate documents. They will also provide advice on what types of legal documents are required to set up the company. Legal documents are essential when it comes to business registration and are considered to be one of the most important elements of any business. Also, a company needs to submit all the documents necessary to become registered in Australia and be recognized in the industry as an official entity.

Some Tips

Australian taxation is very strict and if an accountant or solicitor is not aware of this fact, they must seek out the advice of a professional in this field as soon as possible. The process can take time to complete and could result in a delay in receiving the correct amount of Australian tax payable to the Australian government.

There are many advantages to using a professional in this area when it comes to filing your company for Australian taxation. Firstly, an accountant is aware of the legal process involved and will be aware of any gaps in the laws which could be problematic to your company. Furthermore, an accountant will understand the different options available regarding tax, which could result in a large disparity between the actual Australian tax that is due and the amount that has been assessed. Finally, these professionals can provide valuable advice on tax relief programs, which are provided through the Australian Business Number, which are designed to help with reducing business tax.

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