How To Choose a BAS Agent for your Redlands or Brisbane Bayside business.
If you’re new to business or your business has been booming recently, it may be time to crack open the champagne. Congratulations!
But, before you kick back and relax, it’s important that you understand what new (and exciting!) responsibilities you may now have, as a business owner.
Just call me the ‘Fun Police’, but you’ll thank me for it later. Promise!
What is a BAS Agent?
A BAS Agent is a Bookkeeper who has additional knowledge and skills compared to an ordinary bookkeeper. According to the Institute of Certified Bookkeepers, a BAS Agent has a ‘special licence’, which enables them to lodge your BAS, as well as advise you and/or represent you to the tax office regarding:
- Wine Tax, Fuel Tax, Luxury Car Tax matters
- Payment of income tax via PAYG Instalments
- Taxable Payments Annual Reporting system
- Superannuation Guarantee system
It’s important to know that these tasks CANNOT be done by a Bookkeeper, who is not a registered BAS Agent.
So, you’ve decided you need a BAS Agent, but how do you choose one?
When it comes to choosing a BAS agent, here are some questions to consider.
- Is my Bookkeeper qualified?
If you want someone to prepare or lodge your BAS, or to provide you with GST advice, then you need to make sure your Bookkeeper has satisfied the qualification and experience requirements. According to the Tax Practitioners Board, a registered BAS Agent must:
- Have a primary academic qualification in bookkeeping or accounting at a Certificate IV level or a higher award, obtained from a registered training organisation
- Be a member of a recognised BAS or Tax Agent Association and be registered with the Tax Practitioners Board (TPB).
- Complete 1,400 hours of relevant experience in the past four years
- Undertake a minimum of 45 hours of professional education every 3years.
- Is my Bookkeeper a registered BAS Agent?
- Is my Bookkeeper insured?
If you discover that your Bookkeeper is registered with the Tax Practitioners Board – great. This means they’ve already satisfied the professional indemnity insurance cover that meets the boards requirements. Phew!
- Is my Bookkeeper a ‘good fit’ for me and my business?
It’s important that you work with someone you trust. A good BAS Agent is knowledgeable and understands or is willing to research your industry, your processes and your requirements. They are organised and efficient and able to help you meet mandated deadlines. A good-fit BAS Agent doesn’t just care about your financial success – they have a genuine interest in helping you achieve your business goals.
Working with a registered BAS Agent to lodge your BAS (among other things), is a great idea as it gives you the time to focus on what you are good at – building your business.
If you think your Redlands or Brisbane business may need a Bookkeeper or registered BAS Agent to support you as you build your business, and you would like to see if we’re a good fit, contact me HERE.