Question

Describe (50–80 words) the aspects of legislation that impact BAS agents in Australia taxation environment. (Please type up your answer)

Answer 1

Before briefing about the aspect of legislation that impact BAS agent in Australian taxation environment. First of all let us understand WHAT IS BAS AGENT
   BAS AGENT- A BAS agent is a bookkeeper who has satisfied the educational and experience requirement mandated by the TPB under relevant GST legislation and therefore registered to prepare and lodge BAS on behalf of client. A BAS agent is issued a licence that say they can advised a client, provide certainty to a client or represents that client to tax office in relation to 1)All GST matter 2) Payment of FBT or other services as provided in the law
             Now let us understand WHAT IS BAS SERVICE
BAS SERVICE- A BAS service is tax agent service that relates to:
             1) ascertaining an entity about the liabilities, obligation or entitlement of the entity that arise or could arise under a BAS provision.
             2) representing an entity in dealing with the commissioner in relation to a BAS Provision.
   
ASPECT OF LEGISLATION THAT IMPACT BAS AGENT IN AUSTRALIAN TAXATION ENVIRONMENT
      1) Tax Agent Services Act 2009 (TASA 2009). The TASA 2009 is the main Act. It establishes the Tax Practitioners Board and provides for the registration of tax agents and BAS agents.

     2) Tax Agent Services Regulations 2009 (TAS Regulations 2009). The Regulations contain, among other things, the qualifications and relevant experience requirements for registration.

     3)Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 (Transitional Act). This Act deals with the consequential and transitional matters arising from the enactment of the TASA 2009.

                 
The new rules for all entrants to the bookkeeping industry:
For bookkeepers entering the industry after after the 1st September 2010 (whether they have any bookkeeping experience or not and whether they have been running a contract bookkeeping business in the past or not) there will be a significant “barrier to entry” in that they must:

hold one of the following academic qualifications

Certificate IV in Financial Services (Bookkeeping or Accounting) or higher award, from a registered training organisation or equivalent institution that includes the successful completion of a course in basic goods and services tax/BAS taxation principles;

and

be able to prove that they have undertaken at least 1,400 hours of relevant experience (that is work by an individual as a registered agent or work under the supervision and control of a registered agent) in the preceding three years.

or is a voting member of an RPA and has undertaken at least 1,000 hours of relevant experience in the preceding three years.