The bookkeeping industry is facing a period of change with the commencement of the Tax Agents Service Act 2009 on 1 March 2010. The objective of the Act is to ensure that tax agent services (including BAS Service) are provided to the public in accordance with appropriate ethical and professional standards. Whilst this will see little change to the operation of existing Tax Agents it may result in significant changes to some bookkeepers providing BAS services.
Bookkeepers providing BAS services will need to be registered as a BAS Agent. They will need to comply with specific standards relating to their education and experience and also satisfy the fit and proper person test.
The Tax Practitioners Board (TPB) is the new body responsible for administering the Act. The TPB has broad ranging powers to make orders under the Act including (but not limited to) the issue of a written caution, ordering the suspension of a person’s registration or in the case of serious breach applying to the Federal Court to impose a civil penalty, which for an individual may be a fine of up to $27,500.
It is important that bookkeepers understand their responsibilities under the Act and commit to satisfying the standards to become registered as a BAS Agent.
Downloads
Tax Agent Services Act 2009 Download Tax Agent Services Act 2009
Tax Agent Services Regulations 2009 (Draft) Download Tax Agent Services Regulations 2009 Exposure Draft
Tax Agent Services Act 2009 Explanatory Memorandum Download Tax Agent Services Bill Explanatory Memorandum 2008
