A Registered BAS Agent is an ATO Approved professional bookkeeper
Only a registered bookkeeper can legally provide BAS Lodgement service to business owners
Is your bookkeeper a Registered BAS Agent? The ATO regulated the bookkeeping industry on the 1st of March 2010. As a result, all bookkeepers providing a BAS Service must register.
What does that mean for you?
Before 2010, an inexperienced bookkeeper could do a MYOB course and start charging for bookkeeping services. They often left clients in a mess. There was nothing the client could do except pay for someone else to fix it.
Minimum requirements
To register with the Tax Practioners Board, a bookkeeper must pass the following requirements first. Those requirements include;
Qualifications
A minimum of a Cert IV in financial services (bookkeeping or accounting).
Experience
1000 hours supervised experience lodging BAS in the past 4 years.
Insurance
Minimum of $1million dollars professional indemnity insurance.
Professional membership
Membership with at least one professional bookkeeping or accounting body.
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;
Honesty and integrity
Acting honestly, complying with taxation laws personally, trustworthy dealing with money
Independence
Acting in the best interest of the client and management of conflict of interest.
Confidentiality
Minimum of $1,000,000 professional indemnity insurance.
Competence
Membership with at least one professional bookkeeping or accounting body.
Other
Timeliness, professional indemnity insurance, and correct administration of laws.