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Six benefits of hiring a Registered BAS Agent to prepare and lodge your Business Activity Statements (BAS)

A Registered BAS Agent works hard so you don’t have to.

A BAS Agent spends time and money every year doing seminars, webinars, workshops, courses and other educational activities like research, writing and presentations, so they can do the best job possible.

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Reconciliations

To make sure your BAS is correct, every quarter you need to reconcile the GST, PAYG, wages payable, super payable, wages expense, super expense and ATO integrated client accounts.

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Ongoing study

For 45 hours every three-year your BAS Agent studies and learns complex topics, updates to the GST and tax laws, and industry changes so they can stay registered. And so you don’t have to.

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Safe harbour

If you lodge your own BAS you can easily make mistakes, and you can even be charged fines. A BAS Agent is covered by the Safe Harbor laws, adding an extra level of protection for your business.

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Code of conduct

The Code of Conduct requires your BAS Agent to be professional, honest, independent, confidential or competent. If a BAS agent breaches the code you can call the Tax Practitioners Board.

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More time to lodge

If you lodge your own BAS then you have to lodge and pay by the due date. Under the BAS lodgement program a BAS Agent gets extra time to lodge, so you have more time too.

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To get registered

Your BAS Agent needs minimum qualifications, 1400 hours experience, a Cert IV in bookkeeping, PI insurance, a professional membership and ongoing study.

Registered BAS Agent

The peace of mind of a regulated industry

As of March 1st 2010 the ATO regulated the bookkeeping industry. As a result, all bookkeepers providing a BAS Service must register.

That Accounts For It are a registered BAS agent.

What does that mean for you?

In the past, a bookkeeper could do a MYOB course and start charging for their services. Due to their lack of experience, they often left a mess. As a result, the client could do nothing except find someone else to fix it.

This can be expensive and emotionally draining.

Are you worried?

If you are concerned about the condition of your data file or not sure if you’re up-to-date with the ATO, we can help.

During our initial business health check, we can let you know exactly where you stand.

Look for the BAS Agent symbol

An unregistered bookkeeper might be cheaper, but an inexperienced person can end up costing you more than any savings that you make. Visit the Tax Practitioners’ Board for more information.

Minimum requirements

To register with the Tax Practitioners Board, a bookkeeper must pass the following requirements first. Those requirements include;

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Qualifications

A minimum of a Cert IV in financial services (bookkeeping or accounting).

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Experience

1000 hours supervised experience lodging BAS in the past 4 years.

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Insurance

Minimum of $1million dollars professional indemnity insurance.

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Professional membership

Membership with at least one professional bookkeeping or accounting body.

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Professional development

Ongoing study of relevant courses and keeping up to date with laws.

Professional code of conduct

We are under a Code of Conduct. Breaches can mean up to $137,500 in fines and penalties. Or even loss of registration. The code covers five areas;

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Honesty and integrity

Acting honestly, complying with taxation laws personally, trustworthy dealing with money

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Independence

Acting in the best interest of the client and management of conflict of interest.

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Confidentiality

Minimum of $1,000,000 professional indemnity insurance.

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Competence

Membership with at least one professional bookkeeping or accounting body.

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Other

Timeliness, professional indemnity insurance, and correct administration of laws.

THAT ACCOUNTS FOR IT!

Empowering you around your finances and helping you to break free from the burden of compliance.

CONTACT US TODAY