Today the new Tax Agent Services law came into effect. For the first time, bookkeepers and others who provide BAS services will be regulated. The newly formed Tax Practitioners Board will take of the place of the original Tax Agents Board and incorporate BAS providers as well as registered tax agents.
What does this mean for BAS service providers? Quite a few big changes:
In the past, the production of a BAS as incidental to the actual bookkeeping (which was charged for) allowed a bit of a loophole. From now on, even preparing Payment Summaries or installing MYOB and setting the default GST codes can see you considered providing a BAS service. If you’re currently charging for BAS services, be sure to register your intent with the Board now – you’ll still have 6 months to meet the new criteria.
I’m glad to see that BAS Providers are finally being recognised and regulated. For one thing, it help protect their clients. Also of great importance is the fact that qualified and experienced bookkeepers are finally being recognised as the professionals they are. The down side, of course, is that their costs are likely to increase to cover things like insurance, registrations, professional association fees, continuing education, etc (trust me when I tell you that it’s not cheap!).
How important is it to you that your bookkeeper/BAS provider is governed by a Code of Practice? Academically qualified? Experienced?
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
