We are a little confused about the whole BAS registration and PI Insurance situation It seems the TPB is also confused about what’s required.

I have been registered as a BAS Agent with the TPB, and at the same time understood that I had to register all the entities that I worked for as a BAS Agent.

At the time I was using the ATO tax portal under the partnership name, which we later turned into a company. We then reviewed our situation and started doing bookkeeping under another company name. I have spoken to the ATO and sorted out my BAS lodgements though the ATO Portal Can we get clarification of whether it’s me as an individual, or me as a company director, or me as working for a company, that needs to be a registered BAS Agent?

The confusion further continues when I go to apply for PI Insurance.

Is it me as a registered BAS Agent that needs PI, or is it the company that needs PI, or is it both?

Further – what sort of cover is required? I can’t find that out anywhere – all I know is that I need PI Insurance (I think)!

The ICB answer:

The entity that provides the bas agent services must be registered. In your case that would appear to be the company you are now using to provide the bookkeeping service.

As of (before) 28 January 2012 that company will need to renew its registration (I am making an assumption here that you registered under the notify provisions).

For that renewal under the normal act the company must have a satisfactory number of individuals to provide supervision.

So you personally must register as well.

I am not sure about your comment “all entities that I work for as a BAS Agent as well”. If that means each of your clients, then no. If that means you bill for BAS services through a variety of entities to, I am thinking that you only bill through one entity therefore you and that entity need to be registered.

It is not necessary for the directors to be registered agents.

For PI each billing entity needs to have a PI policy, if you are a registered agent. But an employee of that billing entity then ensure the billing entities policy also covers remotes and contractors and then you are coved by that entities PII.

So, one policy that covers your work as an individual under that entities policy is acceptable. If you personally do BAS service work as a BAS Agent yourself and bill from you personally to clients (ie excluding the company entity) then you personally would require a PII policy that covers your personal work.

Have a look at our insurance details web page for description of what you need.

The TPB also tried to spell it out in their notice to you. In short speak to ICB preferred insurer and their policy will qualify.

  Does this make sense, let us know here