BAS Agent Update 23-03-09 

Integrating Bookkeeper-Client Connect With Your Own Website 

ABN‘s BAS Agent submission to Treasury 

 

The Tax Agent Services Bill has passed the Senate and is creeping closer to becoming operative law. BAS Agents must have PI insurance under this law. ABN has worked quickly with its insurance experts to modify its policy to meet the challenge of the new law.  We felt this was essential because such a high proportion of ABN members are currently legally preparing BASs and likely to become BAS Agents under the new law. The newly worded policy covers your general bookkeeping activities including work with off-the-shelf accounting software and training etc. Importantly, it covers your legally rendered BAS services whether rendered under the current section 251L or the pending transitional rules or the new Tax Services Bill. Click here for more information.   

 

 

The proposed “BAS Agent legislation” is contained within the Tax Agent Services Bill 2008 and two related pieces of legislation. The legislation calls for the introduction of a national Tax Practitioners Board who, among other things, will oversee and regulate the supply of BAS Services to the public. Only bookkeepers who have applied to the Board for registration as a BAS Agent will be permitted to render BAS services to their clients. BAS services have been more stringently defined and capture the majority of services provided by most bookkeepers.

 
Because the BAS Agent legislation stands to greatly affect our members, we have put together a number of resources to assist you in gaining an understanding of the proposed changes and how it will affect your businesses. These include a Quick Read Summary, a BAS Agent Decision Flowchart and a White Paper examining the legislation, both current and proposed, and how ABN can help. We also produce regular email-based BAS Agent Updates to keep our members apprised of any developments. 
 
Please visit our BAS Agent Legislation page to access these resources and don’t hesitate to contact our office if you would like to discuss the potential impact of this legislation to you.