29/03/2007
Special News Update - ATO provides newsletter called "The BAS Service Provider"
ATO provides newsletter called "The BAS Service Provider"
This link takes you to the ATO website and specifically to their new (released today) information newsletter for, I quote "a bookkeeper in the business of providing Business Activity Statement (BAS) Services." End quote.
PLEASE DO NOT THINK that just because you get this newsletter you are legally eligible to prepare a BAS for a client.
Hopefully we will soon have real practical clarification of what is a "BAS service". Hopefully we will soon have a real practical answer about the person described as a "BAS Service Provider" or "BSP";
1) who is allowed to be one?
2) what do they have to do to be one?
3) what are they now allowed to do?
4) if you aren't a BSP, what aren't you allowed to do?
Hopefully the regulated, registered BSP will be defined to be someone suitably professional, qualified and experienced to assist business in interpreting the law and obligations around how that business needs to keep their accounts and in order to prepare a BAS properly. The BSP may also be allowed to prepare and lodge a BAS on behalf of a client.
For non-BSPs, hopefully the new laws will clarify that you are still allowed to be a bookkeeper. A Bookkeeper that assists business by processing the accounts, reconciling, checking and preparing reports based on accounting, tax and GST guidance provided by others. A non-BSP must be allowed to process transactions manually, or in software that accounts for the GST component ie allocates it to a GST paid column in a cashbook or attaches a GST code to the software record of transaction that enables the software to allocate the GST to the GST paid account as well as preparing a report for preparation of the BAS.
It is ICB position that a bookkeeper who processes accounting transactions, reconciles, checks, provides reports needs appropriate education and experience but not every bookkeeper wants to be an interpreter of the intricacies of GST law. We believe that if you are in a position of being ultimately responsible for the disclosure provided on a clients BAS then you MUST be suitably qualified, experienced and professional. With the promised NEW law from government creating the BSP, we at ICB will be able to provide the “pathway to professionalism” required; pathways on how to be accredited, pathways on how to gain additional education or on how to have your experience accredited, pathways to provide the necessary resources.
Watch our website and further newsletters as (or if or when) these guidelines are provided.
Today
The old 251L still exists.
Visit:
Which is a page from the newsletter to assist you in complying with current BAS preparation law.
BOOKKEEPER ADVISORY VISITS
I am encouraged by the ATO vision in wishing to meet with real bookkeepers to understand the real world. Treat these visits as an information exchange; provide real information to the ATO representative about what business clients in Australia rely on you to do.
Thanks
Matthew
