If you are a bookkeeper in Australia,then you should consider becoming a certified BAS agent.
We will get to the nuts and bolts in a minute but for now let’s look at the opportunities that are available for a certitified BAS Agent.
These days many hundreds,possibly thousands,of small businesses around the country spend many hours each month completing their BAS returns and are probably not aware of the cost-effective services that an agent can offer them. In many cases,small business owners are not aware of the ins and outs and may even make mistakes in their returns that could affect them in terms of cash flow.
Of course all mistakes are eventually rectified but not until the full tax return has been completed.
These mistakes could casue them to be out of pocket for thousands of dollars or more simply because of the inadvertent mistakes they made when completing their returns. This opens the door for agents to offer a competitively priced service that could potentially save these small businesses more money than it costs to have someone do it for them.
Whilst it is only natural for businesses to reduce expenses as much as possible,tax agents pay for themselves by ensuring that mistakes are not made and that many hours of time invested in completing the returns can be more profitably spent business development or other similar activity.
So,the door is open for entrepreneurial bookkeepers to act as BAS agents who are properly qualified and registered with the Australian Taxation Office.
The Australian Taxation Office defines a BAS service as one that is able to ascertain liabilities,obligations or entitlements of a taxable entity under a BAS provision. It further defines a BAS service as one which can represent an entity’s dealings with the Commissioner of Taxation,and to satisfy the entity’s obligations and claim entitlements that arise from time to time.
This includes provisions for the wine equalisation,the luxury car,the fuel and the fringe benefits tax law that relates to collection and recovery and PAYG with holding instalments.
The taxation office takes what it calls a ‘practical’ approach to registration requirements so that a person who wishes to register as a BAS agent may have their submission considered on their individual merit.
The bottom line is that the taxation office wants to ensure that only a fit and proper person can be registered.
This means that if you want to be registered you will have to prove that you:
- Are of good fame and integrity of character.
- Not have been convicted of a serious taxation offence.
- Not have been convicted of an offence involving fraud or dishonesty.
- Not have been penalised for being a promoter of a tax exploitation scheme.
- Not be an un-discharged bankrupt or in external administration.
- Not sentenced to a term of imprisonment.
There are many other characteristics that you will also have to satisfy but the above are indicative of what the Tax Office is looking for.
Naturally you will also have to have completed the appropriate educational qualifications that can be undertaken at organisations that offer courses in bookkeeping.