The Tax Agent Service Act (TASA) 2009 defines Business Activities statement (BAS) Service Agents as businesses who make arrangements to source professionals to utilize their BAS obligations to serve clients (Frecknall-Hughes, Jane, and Peter Moizer 2015). In 2010, Tax Practitioners Board was introduced to govern the registration and regulation of tax practitioners. Bookkeepers are required to abide as BAS or Tax agents to be legitimate providers of BAS services. Before setting up a bookkeeping business, it is essential to comply with the existing legal governing entities in attaining compulsory and optional licensing and registration to ensure the company is under the law.
The Tax Practitioner Board guidelines
Registering as BAS agent, applicants must have the necessary education and experience as stipulated in TASA section 20-5, where bookkeepers must meet the TPB quality criteria. To start, individuals must be free from criminal offenses, posses a certificate IV in bookkeeping or certificate IV in Accounting. Additionally, individuals must have 1400 hours experience in the last three years. Moreover, members of Recognized Professional Association (RPA) must demonstrate a 1000 hours relevant expertise. Registered BAS agents have a unique symbol which accompanies their registration number in the TPB online platform, and all other information can be retrieved when the need arise statutory requirements including tax file numbers and bank account details are all availed to the Australian government.
Legislation governing Sophie bookkeeping service
The TPB may accept applicants whose qualifications fall under Recognition of Prior Learning (RPL) basis. A registered training provider provides recognition of work experience for attending and completing a course which substitutes formal course completion. `Sophie can be granted the BAS agent service for the fact that she has a long experience with George and Peddler Associates Accounting firm by completing a statement of assurance to justify her RPL qualifications. Interesting to note, Sophie has an idea to enroll a financial course –FNSACCT404B with her local provider to help her make sound decisions to help her to comply with Australian law and regulations.
The professional indemnity insurance
The 2009 Tax Agent Service Regulation requires that BAS agents should have Professional Indemnity Insurance to cover the agents against losses that affect the third party due to the agent’s negligence. Professional Indemnity Insurance covers the cost of legal actions which are not limited to providing negligent financial advice and failure to audit company’s accounts accurately. Sophie bookkeeping service should consider having professional indemnity insurance before commencing the facilities to cover damages to the third party and properties.
Business code of conduct
The TPB professional code of conduct prescribes guide and direct the behaviors of BAS agents and the manner in which they run their businesses. Code principle requires that integrity and honesty should be valued and BAS agents must be accountable for clients money and properties. Additionally, independence in managing conflict which may arise due to BAS agent activities is paramount and highly recommendable. Moreover, confidentiality should be at the heart of the business, and no client information should reveal without client consent. Interesting to note, BAS agents should maintain quality knowledge relevant to the client state affair and act reasonably. Sophie bookkeeping service entity should comply with the code of conduct principles as stipulated in TPS professional code.
Compliance requirements
The Tax Practitioners Board is responsible for compliance with Information Publication Scheme (IPS) requirements. TPB regulates Tax Practitioners to safeguard consumer interests, through assuring the community that the tax practitioners meet the necessary standards of professional and ethical conducts. Sophie bookkeeping service must comply with TPB before commencing operations by having the required qualifications.
Conclusion
Law governing bodies ensures sanity in the business and industry sector. The compliance codes imposed by the law bodies provides that businesses adhere to the set ethical standards. The TPS ensures that the tax practitioners have the appropriate skills and competence to handle business activities statements. Therefore Sophie bookkeeping service should be aware of law compliance requirements and abide to provide that integrity and trust are central to processing clients information.
Work cited
Frecknall-Hughes, Jane, and Peter Moizer. "Assessing the quality of services provided by UK tax practitioners." eJournal of Tax Research 13.1 (2015): 51.
Appendix
The Tax Agent Service Act 2009 Time Table
Date
Activity
February 2009
The Australian house of representatives made a debate about the new TASA system and how to implement it, where Senate was to pass the bill.
April 2009
Senate had the discretion to judge and pass the bill.
June 2009
Royal Assent accompanied the strong law reinforcement. During Late 2009 The halfway Bill was to be processed by the legislature before commencement.
September 2009
At this time, a new Tax Practitioner Board was New Tax Board allotted to undertake and implement all business governing activities.
January 2010
The duration marked the beginning of having a new Business Activity Statements Agents. The agents were responding for abiding by TASA code of conduct as stipulated in the new law. The bookkeepers registered as the BAS agents had to possess the necessary academic and educational experience to handle client activities. Professional Indemnity Insurance was a must to safeguard the clients from damage caused by the business negligence.
Mach 2013
Bookkeepers were required to make registration with Tax Practitioner Board to ensure that they had the requirements.
February 2015
A fully qualified bookkeeper was certified by TPB to have a financial service certificate IV Bookkeeping or financial service IV in Accounting and a unit in GST principles of taxation from a recognized course provider.
