From 1 March 2010, new legislation known as the Tax Agent Services Act 2009 took effect. The laws have seen the introduction of a national Tax Practitioners Board who, among other things, oversee and regulate the supply of BAS Services to the public. Only bookkeepers who have applied to the Board for registration as a BAS Agent are permitted to render BAS services to their clients. The laws impose a range of civil penalties ranging from $5,500 to $137,500 (per offence) for bookkeepers illegally providing BAS services.
BAS Agents under the new system are subject to a Code of Professional Conduct which imposes a range of obligations, one of which is the compulsion to hold Professional Indemnity Insurance to a Board-specified level. BAS Agents are also subject to a range of administrative sanctions and civil penalties. Clients of BAS Agents benefit from so-called safe harbour provisions which provide relief from penalties in the case of error or late lodgement by the BAS Agent.
In order to become registered as a BAS Agent under the Tax Agent Services Act, a bookkeeper must satisfy the Board that they meet certain criteria. Firstly, the applicant must be a “fit and proper person”. Secondly, the applicant must satisfy an educational criterion, which at a minimum requires the attainment of a Certificate IV Financial Services (Accounting) or Certificate IV Financial Services (Bookkeeping). Thirdly, the applicant must demonstrate a required number of hours of “relevant experience” in the past three years.
Transitional Regulations are also in place to offer bookkeepers a reasonable period of time to meet all of these requirements.
I am pleased to advise that I will be seeking registration as a BAS Agent under the Tax Agent Services Act 2009 as an individual and for Accounts HQ as a company. I have already submitted my application to the Tax Practitioners Board and await their approval. In the meantime, I am considered to be a BAS Agent by virtue of the Transitional Regulations. This is because, prior to the introduction of the new laws, I was legally providing BAS Services as a member of a Recognised Professional Association. From your perspective, you can take comfort from the knowledge that your BAS Services are being provided by a registered and competent professional who is operating at a higher level than a standard bookkeeper.
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Where does Accounts HQ currently stand and what does it mean for you?
I am pleased to advise that I will be seeking registration as a BAS Agent under the Tax Agent Services Act 2009 as an individual and for Accounts HQ as a company. I have already submitted my application to the Tax Practitioners Board and await their approval. In the meantime, I am considered to be a BAS Agent by virtue of the Transitional Regulations. This is because, prior to the introduction of the new laws, I was legally providing BAS Services as a member of a Recognised Professional Association. From your perspective, you can take comfort from the knowledge that your BAS Services are being provided by a registered and competent professional who is operating at a higher level than a standard bookkeeper.
