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Q: The trustee of the trust which is my bookkeeping/BAS Agent business is an individual (not me). How can it legally provide BAS Services?
A: In order for the trust held business to legally provide BAS Services it must register with the TPB. In order for it to register it CANNOT have an individual as its trustee unless that individual does qualify as a BAS Agent in their own right.
Q: I am a registered BAS Agent personally working for the above trust. Does that help?
A: That means that you personally can provide BAS Services to the clients of the trust as a known third party provider. The TPB have issued an Exposure Draft information sheet titled “Reports or other advice incorporating tax agent services provided by a third party”. Which can be found at http://www.tpb.gov.au/TPB/Board/Exposure_drafts/TPB/TheBoard/Exposure_drafts.aspx
However the TPB draft paper requires you to be identified specifically as the provider of those services and all reports or information provided to the client in relation to the BAS Services, while it might be from the Trust, it must also now refer to you specifically. Quoting your BAS Agent Number, while not required, would be easily understood and therefore an advisable method of ensuring nobody misunderstood who or what was providing the services.
A good structure and scenario for a BAS Agent business conducted by a trust is:
- Have a company as trustee of the trust
- The Trust has its own ABN
- The company becomes a registered BAS Agent in its own right
- You personally are the responsible individual supervising the provision of BAS Services by that entity
- You personally retain your BAS Agent status
- It is the company and its ABN and its BAN that are know to the clients and used for lodgements
- The Company has BAS Agent portal access using its own AUSkey.
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