Why engage a registered BAS agent?
The Australian Taxation Office has passed the Tax Agent Services Act 2009 (TASA) and the Tax Agent Services Regulations 2009 (Regulations) and bookkeepers performing BAS related work for clients must be registered as a BAS/Tax Agent.
There are penalties up to $22,000 for unqualified bookkeepers performing BAS related work.
A registered BAS agent
- has many years of experience and a wide range of knowledge with regard to many different bookkeeping/accounting packages;
- is required to have Professional Indemnity Insurance as they have a duty of care over the advice they offer to clients;
- charges at an hourly rate, as and when you require their assistance, rather than employing a full time/part time, in-house bookkeeper with the additional expenses pertaining to employees, i.e.; superannuation and Work Cover;
- does not take paid annual leave/sick leave.
Preparing your bookkeeping and BAS yourself can lead to costly mistakes:
- Under/over claiming GST credits and incorrect coding.
- Lodging your BAS/IAS late - incurring a penalty and interest from the ATO.
- Invoicing clients incorrectly - not including a GST.
- Incorrect calculations on payroll and the Superannuation Guarantee Contribution (SGC).
- Reporting and paying the SGC late or not at all.
The mistakes above can increase your Tax Accountant's charge to you at year end due to them having to amend your BAS - at their rate, which is much higher than a registered BAS agent's rate.
We guarantee our clients a high quality service - we know you will be totally satisfied.