Did you know that outsourcing in your business can save you money? How? As it frees up your time, as the business owner, to spend time on other areas of your business that will generate sales and profit.
It is common for business owners to outsource the bookkeeping for their business to an experienced professional. Many bookkeepers are also BAS agents. While a BAS Agent does not advise you, nor consult with the tax office on Income Tax Matters, they can work with your Accountant / Tax Agent and income tax advisors when income tax matters impact on the BAS provision and service elements of your business.
When seeking the services of a BAS agent, it is imperative to use a professional who is a registered. Did you know? Unless you are the business owner or an employee, only registered BAS and Tax Agents are permitted to represent you in dealing with the ATO and can assist in determining a business’ obligations regarding to any item reported to the Australian Taxation Office (ATO) on a Business Activity or Instalment Activity Statement (BAS/IAS).
Read below to learn more about being a registered BAS Agent and why it is strongly encouraged to use the services of a registered BAS agent for your business including:
- What is a registered BAS agent?
- To become a registered BAS agent, what attributes must you possess?
- Code of conduct for registered BAS agents
- How to check if a BAS agent is registered?
What is a registered BAS agent?
The term ‘BAS Agent’ is a title protected by law and applies to an individual or entity who meets the requirements of the Tax Practitioners Board (TPB) for registration as an agent as specified in the Tax Agent Services Act (TASA) 2009.
Using a registered BAS Agent provides businesses peace of mind they have employed the services of a qualified, experienced and competent professional that can be relied on to assist with the obligations of BAS provisions and services. Only registered BAS Agents (and Tax Agents) are permitted to advise or help you “ascertain” (determine, establish, discover, make certain) your liabilities, obligations, or entitlements in the areas of the BAS.
To become a registered BAS agent, what attributes must you possess?
For the Tax Practitioners Board (TPB) to accredit you as a registered BAS agent you must be a fit and proper person with a minimal formal qualification. You must continue to have sufficient, ongoing and continual relevant experience, an appropriate level of professional indemnity insurance and undergo continual professional education.
Code of Conduct for registered BAS agents
To become and remain a registered BAS agent you must maintain a level of professionalism and adhere to the code of conduct. This code of conduct reinforces the concepts of honesty and integrity, always acting in client’s best interests, confidentiality, provide a service competently using knowledge and skills to take ‘reasonable care’, ensure tax law is applied correctly and advise clients about their obligations under the relevant tax laws.
How to check if a BAS agent is registered?
To check I your BAS agent is registered, follow the link www.tpb.gov.au
The Registered tax practitioner symbol also provides tax agents, BAS Agents and tax (financial) advisers with public recognition that they are registered with the Tax Practitioners Board (TPB). It is great idea for registered BAS agents to have this logo displayed in their business and when marketing their business too.
Bookkeeping Matters are proud to be registered BAS Agents and can manage your reporting, ensure accuracy, and prompt lodgement of your BAS, IAS, TPAR and Annual Payment Summary Report with the ATO
Bookkeeping Matters are proud to be registered BAS Agents – Registration No. 91642006 and maintain our certification in primary accounting software solutions.
We offer expert advice, guidance and practical applications to help you meet your obligations with complete confidence. Speak to our team to see how we can help you by calling June on 0423 003 552.
Disclaimer: The information in this article is general information only.