5 benefits of outsourcing your taxation to a professional

Business Activity Statement (BAS) is a monthly or quarterly tax reporting requirement by the Australian Taxation Office. Every business registered for Goods and Services Tax (GST) is required to lodge a Business Activity Statement (BAS) to the Australian Taxation Office (ATO) either monthly or quarterly, depending on its specific tax reporting obligations.

The ATO uses the information on your BAS to work out your GST refund or bill. It’s also used to calculate business income tax (if you’re in the pay-as-you-go system), employee income tax, fringe benefits tax, luxury car tax, wine equalisation tax, and fuel tax credits.

Taxation is a time-consuming and complex business process. If you are a small business owner who opts to do it yourself, some restless, tough days are ahead for you. The tough part is not paying business GST and other tax obligations, it is the preparation, computation, and filing of tax returns that are difficult for most entrepreneurs.

Suddenly you will notice that the deadline is nearing, causing panic and nervousness leading to a hurried attempt to report by the deadline. This rush will end up in committing errors that may cause your business a great deal of loss.

But you don’t need to suffer that way. Thanks to the advancement of internet technology, there are endless opportunities to improve business processes, including outsourcing. Outsourcing your taxation process, without any doubt, is a viable solution.

Accounting, bookkeeping, and taxation are ideal business processes for outsourcing. All that is needed is a professional with the knowledge, skills, experience, the government certification, and an additional factor–the eagerness to go that extra mile. Then you are set to go.

5 benefits of outsourcing business taxation

Time-saving

GST and BAS report preparation and lodgements are done monthly, quarterly, or annually.  Outsourcing helps you take out the complexity of bookkeeping, recording, accounting, and calculations from your plate. Because successful people invest only in assets that provide a positive return.

There are many kinds of assets. The most valuable, non-renewable asset in the world is your time. Use that precious time to focus on your business’ growth, management, marketing, innovation, and spending time with your family. These are the things that matter to you.

Money-saving

Hiring highly experienced and certified accountants in-house to handle your business taxation and putting all the infrastructure in place proves to be very expensive and is not the most feasible option for smaller businesses. The best option is outsourcing to an experienced and certified professional and enjoying the best of both worlds.

Accuracy and compliance

When you outsource your taxation to a professional, you can be 100% sure that the preparation and lodging of GST and BAS are done by someone trained and experienced in the process and well-versed in current tax rules and regulations in your country hence the data are accurate and compliant. The following is the list of the common mistakes noticed by the Australian Taxation Office:

• Accidental ‘double dipping’ on GST
• Incorrect tax codes in your chart of accounts
• Claiming GST against all expenses
• Claiming GST against all sales
• Including wages and superannuation in G11 as a purchase
• Forgetting to include all-cash sales and purchases
• Claiming GST for private purchases
• Reporting purchases of capital items with the wrong tax code
• Not including capital sales in G1 (Total Sales)
• Claiming GST credits on purchases where the supplier is not registered for GST

Let the experts do it

No need to fear the tax schedules and deadlines. By delegating your tax preparation, you free up yourself from long hours of backbreaking work. Outsourcing your taxation to a professional will give you the peace of mind that your taxation is being handled by an expert.

Access to top-notch tools

Outsourcing allows you to have access to the latest accounting tools. You can choose accounting and taxation professionals who are equipped with robust, and modern tools that let you manage your accounting from any part of the world. You can instantly view reports and access files anytime, anywhere and this facility is offered to you for a lower cost.

Let us do the hard work while you enjoy the benefits

Taxation time is approaching fast and worry and anxiety are bothering your mind and cripples your performance. But don’t worry, we are here to back you up. We are an outsourcing company based in Melbourne offering a full suite of outsourced accounting and bookkeeping, customer support & admin, and IT services.

We can outsource the best taxation professional for you right away from our world-class talent pool. Our outsourcing process is astonishingly fast, and we can hand-pick the right taxation professional in no time. The accounting agents we hire possess internationally recognised qualifications, years of industry experience, and dedication to excellence.

Talk to us about any of the GST, BAS, and tax requirements of your business. If you’re truly serious about taking your business to a new level of success, then we have excellent news.

For a limited time only, we’re offering you a free, no-obligation session with one of our outsourcing experts.

To claim your free consultation or find out more information about this limited-time offer, all you need to do is call us on 03 7034 4330.

Get a quote →