sum2proj1: For Australian Tax and BAS Write a 2,500 word paper explaining the role of the BAS agentwhat a tax or BAS agent must do with regard to preparation and lodgement of BAS and IAS forms. Explain what GST is, how the BAS applies and why it is used. In the paper answer these questions: What legislation needs to be complied with and what procedures need to be followed to comply with legislation, regulations and the Code of Professional Conduct? What is a tax agent service? What materials or sources will you use to review, interpret and apply legislation related to taxes reported on activity statements? What reconciliation procedures will you follow? How will you identify lodgement schedule requirements and ensure sufficient funds are available? How will you process accounting data to comply with tax reporting requirements? What payroll activities will be reported on and what reconciliation activities will be involved? What forms will be required and how will the BAS and/or IAS be lodged?