I am pleased to announce to everyone that I am now a registered BAS Agent.
Just some historical background, the official role of a BAS Agent is relatively new and was introduced in 2009 to regulate the BAS related services offered by contract bookkeepers. Until this point, most contract bookkeepers were calculating and lodging their client’s GST and PAYG obligations, without any training or experience required. This was great for business owners as it was a cheaper alternative to their accountant’s expensive hourly rates.
However, where was the accountability if they made a mistake? This was regarded unfair that an accountant could be fined or deregistered for incorrect tax calculations but a contract bookkeeper was not.
The Tax Practitioner’s Board passed a bill in March 2009, amending the Tax Agent Services Act. They introduced a standard that contract bookkeepers had to meet a set criteria to become a registered BAS Agent. This criteria covered education, over 1400 hours of experience in BAS services and meeting the “fit and proper person test”. They need to take out Professional Indemnity Insurance and need to accrue CPD points. From 1st of March 2010, only contract bookkeepers who are registered with the Tax Practitioners Board as a BAS Agent are permitted to render BAS services to their clients.
So, as a business owner, what does engaging a BAS Agent mean for you? In one word – confidence. There is a strict code of conduct imposed upon BAS Agents, with termination of registration and heavy civil penalties incurred for misconduct (visit www.tpb.gov.au for more information). They are educated and knowledgeable of the tax law surrounding BAS which in turns maximises your BAS returns. If you are late in lodging your BAS, engaging a professional and licensed Perth BAS agent shows the ATO that you are serious about getting your paperwork in order and they will be able to assist you with the lessening of fines and penalties.
Check out my website www.bookkeepingfairyperth.com.au or contact Jaleana 0400 102 358