What is a BAS Agent?
The term ‘BAS agent’ is a title protected by law and applies to an individual or entity who meets the registration requirements with the Tax Practitioners Board (TPB).
Registered agents provide BAS services as specified in the Tax Agent Services Act 2009 (TASA).
Being a BAS agent requires a high standard of professionalism, qualification, experience and competence. BAS agents need to undertake regular professional education to maintain currency of knowledge in the continually changing business and regulatory environments.
Business owners rely on BAS agents to process, calculate and advise them of the correct amounts of liabilities and complete various statutory reporting requirements.
Registered agents can design and implement business systems and accounting and payroll software to meet the business operation needs and provide accurate financial reports. They can also advise and ascertain business owners about BAS provisions, payroll, compliance obligations and the relevant laws.
BAS agents can determine a business’s obligations related to all BAS provisions.
BAS provisions include:
- GST collected and paid
- PAYG withholding
- PAYG instalment obligations
- Superannuation guarantee and charge
- Taxable payments annual reporting
- Wine tax law
- Luxury car tax law
Requirements for Registration
The basic requirements to become a registered BAS agent are:
- To be over 18 years of age.
- To be a fit and proper person.
- To hold a minimum level of qualification and relevant experience accepted by the TPB.
- To have a Professional Indemnity Insurance policy that meets the minimum standards and is appropriate to the agent’s situation.
- To undertake 45 hours of Continuing Professional Education every three years.
- To adhere to all requirements of the TPB Code of Professional Conduct.
Once registered, agents must meet ongoing requirements to maintain and renew registration.
Qualified bookkeepers must gain at least 1,000 hours of relevant experience under a registered agent's supervision before applying for registration.
BAS agents usually work as independent contractors with their own clients and may also work as employees or contractors to bookkeeping or accounting firms.
