Why Should You Use A BAS Agent?
One of the best ways for businesses to lodge their BAS is through a BAS Agent. They offer many services, protections and extras that you will not be able to receive when lodging your BAS on your own. This is why so many businesses use a registered BAS Agent to lodge their BAS.
But for new business owners it is difficult to immediately know exactly what being a BAS Agent means and what exactly they can do. That is why we have created this handy guide to break it down for you.
What is a BAS Agent?
Anyone who is a BAS Agent must be registered with the Tax Practitioners Board. Once a BAS Agent is registered, they are deemed qualified to perform BAS services like working out or advising businesses regarding liabilities, obligations and entitlements. They are also allowed to charge for BAS services.
A bookkeeper can help in assisting you with general bookkeeping duties, however, they are unable to complete and submit a Business Activity Statements, Instalment Activity Statements, PAYG statements etc, on a client’s behalf unless they are a registered BAS Agent.
In 2010 the ATO placed regulations on the bookkeeping industry. As a result, all bookkeepers providing a BAS Service had to register to be a BAS Agent. BAS Lodge are a registered BAS agent.
What does that mean for you?
In the past, a bookkeeper could easily do a MYOB course and start charging for their services. However, they were unqualified to do BAS related services. Due to this, they often left a mess of the BAS forms they lodged. Their clients could then do nothing except find someone else to fix it. They would have to fork out extra money to fix someone else’s mistake.
The benefits of using a BAS agent
There are many benefits to using a BAS Agent that those who do not miss out on. Here are some:
- Whether you use accounting software to manage your books or not, with a registered BAS Agent like BAS Lodge, each of your compliance reporting requirement can be easily completed in one place.
- If your business needs its compliance reports to be signed off by business owners prior to ATO lodgment, BAS Lodge is able to facilitate this. We have a built in digital signature function, so a saved BAS report can be sent off for approval before lodgment.
- A registered BAS Agent offers protections for business owners that they cannot receive on their own. If you usually lodge your own BAS it is easy to make mistakes. These mistakes could cop you a fine from the ATO. A BAS Agent, like BAS Lodge is covered by Safe Harbor laws. These add an extra level of protection for your business.
- To be able to register as a BAS Agent there are minimum qualifications that need to be met these include: 1400 hours experience, a Cert IV in bookkeeping, PI insurance, a professional membership and ongoing study.
Did you know?
- Only registered BAS Agents are permitted to charge a fee for providing tax or BAS services.
- Tax or BAS Agents need to be registered with the Tax Practitioners Board (TPB).
- If you use a bookkeeper to prepare your BAS, they will need to be registered with the TPB unless they are your employee or work for a registered agent.
- You check if an Agent is registered, just enter the Agents details in the TPB register or look for the registered practitioner symbol.
- To encourage business owners to move to online lodgment, the ATO extended the due dates for electronic lodgment of BAS for the businesses and registered BAS Agent services.