BAS Agents New Legislation Now In Effect
What is a BAS Agent? A BAS Agent is able to offer services to Business Activity statements for a fee. Legislation passed a new law that was put into effect on March 1st, 2010 that made any bookkeeper that wanted to provide these services for a fee must be registered as A BAS agent or must be working under supervision of a tax or bas agent. In order to be compliant with the new legislation bookkeepers must have 1400 hours experience and have a minimum qualification of a certificate in IV Financial Services for accounting or Bookkeeping. it possible to finding a BAS Agent in the Australia’s Largest Bookkeepers Directory via a website or a telephone directory book. It is important to become a BAS Agent so services can be provided and no fines are issued to a bookkeeper for performing these services without the qualifications.
Under the new legislation what can be expected is there will only be one national Tax Practitioners Board instead of having the separate boards. If you are just a Tax Agent you can advise, interpret and work with all elements within the TAX Law. If you are a BAS Agent then you can advise, interpret and work with all clients upon completing the BAS provisions obligations. Australia’s Largest Bookkeepers Directory can help with finding a BAS Agent that can assist that can provide these services.They are also going to be restricted agent licenses that would be granted to specialist adviser’s such as Payroll, customer and research and development. BAS Agents will have professional Indemnity Insurance, and will have recently qualified, experienced and competent to assist with BAS provisions. BAS Agents must continue their knowledge and competence by completing continuing education courses. Any agent that isn’t a BAS Agent may not perform any GST or BAS Expertise services, but they are allowed to provide normal bookkeeping services.
There are 3 general requirements for registration to be a BAS Agent, you must have 1400 hours of experience within the last 3 years. BAS Agents are also required to have met the required educational qualification or be a voting member of the Accounting RPA. All applicants must also be a proper and fit person over the the age of 18 to apply. If BAS services are provided without being registered there can be penalties of up to 27,500. If anyone advertises or pretends to be a BAS Agent they could receivea 5500 penalty. Australia’s Largest Bookkeepers Directory is a great resource to find a BAS qualified Agent. It is important to be responsible when picking an agency so all provisions and standards are met per the legislation.
