Bookkeeping

At Nationwide BAS, we pride ourselves on being great at what we do and loving it.

There are 2 main types of bookkeeping services:

  • BAS Services; and
  • Bookkeeping Services

Since March 2010 when the Tax Agent Services Act 2009 (TASA 2009) came in to effect, 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. BAS Agents and Tax Agents are monitored by the Tax Practitioners’ Board

BAS Services are defined as:

  • Providing advice about BAS Provisions which include 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
  • Preparation and/or lodgment of your Business Activity Statements, Instalment Activity Statements or Employee Payment Summaries
  • Reviewing your data file (including amendments) and preparing reports which may be used to complete various tax forms
  • Processing employees’ superannuation obligations including Reportable Employer Superannuation Contributions
  • Preparing reports based on your accounts which may be used to satisfy your year-end tax liabilities and obligations
  • Data reconciliation relating to a BAS Provision to determine figures for statutory reporting
  • Correspondence with the Australian Taxation Office on your behalf in relation to a BAS Provision
  • Software installation such as Xero or MYOB and setting up tax codes in your Chart of Accounts. This includes training of how to apply the tax codes when using the software.
  • Coding of transactions in relation to GST and entering this information in to your chosen accounting software
  • Preparation of payroll including determination of withholding obligations, deductions and entitlements
  • 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, QuickBooks or other software which you can use to prepare a draft Activity Statement that you may lodge with the ATO (if we do not lodge on your behalf)

Bookkeeping Services include:

  • 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, statements, debtor reports and contacting overdue customers
  • Accounts Payable including payable reports, creditor payments and following up credits and refunds
  • Raising reports from software which has been previously configured by your accountant such as draft profit and loss, draft balance sheet and draft trial balance
  • General record keeping and filing