The term “BAS Agent” typically applies to a business which contracts to a client to provide services in regards to their BAS obligations.
The new legislation was implemented with a view to providing business with protection and security. It is about the qualifications, experience, competence, and professionalism. It is about an individual, as an external person being relied on to assist you with your obligations in relation to BAS Services. These include GST, PAYG Withholding (payroll), PAYG Instalment payments, FBT payments, Wine Equalisation Tax, Fuel Tax Credits, Taxable Payments Annual Reporting, Superannuation Guarantee Contribution obligations, Superannuation Guarantee Charge calculations and Luxury Car Tax.
My registration as a BAS Agent can be checked on the TPB website.
Only registered BAS Agents (and Tax Agents) are permitted to advise or help you “ascertain” (i.e., determine, establish, discover, make certain), your liabilities, obligations or entitlements in the areas of the Business Activity Statement. Only registered agents, (other than yourself or your employees), are permitted to represent you in dealing with the ATO.
By being a BAS Agent I / we must:
- Be fit and proper
- Have minimum formal qualifications, (e.g., Certificate IV in Bookkeeping)
- Continue to have sufficient, ongoing and continual relevant experience
- Have an appropriate level of Professional Indemnity Insurance
- Undergo continuing professional education
- Maintain professionalism in accordance with at least the statutory code of conduct
Adherence with the code of conduct reinforces the concepts of:
- Honesty and integrity, (including when acting for you in relation to your money)
- Independence, (including always acting in your best interests)
- Confidentiality, (unless you direct us otherwise, your information is totally confidential)
- Providing a service competently using knowledge and skills to take “reasonable care” to ensure that tax law is applied correctly for you
- Advising you about your obligations under the relevant tax laws
As a BAS Agent we do not advise you nor liaise with the tax office on Income Tax matters. This is the role of a registered Tax Agent. We will work with your accountant and income tax advisors when income tax matters impact on the BAS related parts of your business. This could include such things as reportable Fringe Benefits Tax amount, your end of year payroll Payment Summaries or the tax deductibility of entertainment or other items, where your ability to claim back GST depends on the tax agent’s treatment of those items for your tax return.
As a BAS Agent and as a professional ICB member we are committed to providing you with an expert service and expert advice.