While running into something new such a business, a person had many challenges to face and always required some external support, guidance, and assistance. For the person who had started a new business need customers, taxes information and account handling and these services can be provided by a bookkeeper, tax agent, and an accountant. There are many online software companies such as Xero that provide these services online to the new small or middle-class businessmen.
An accountant is personnel, which can help you with your taxes, management, finances and costs, and so on. A bookkeeper helps to keep track of paperwork of the newly formed company, build your connection with your client, handle your work in your company in your absence,and work on hourly bases. The tax agent is a qualified accountant who had some degree and is registered in the tax department and helpa person to deal with their taxation problems. Accountant and tax agent can be the same person or maybe the different — all three help in managing or assisting your work and help to boost your business.
Who is a BAS agent?
The tax agents in Australia are known as BAS agents. He’s trained to help people to how to prepare and submit their business activity statement. They help the person to regulate his liabilities, limitations, and obligations according to the law of the country. A BAS agent can also perform the activities of a bookkeeper and accountant such as managing accountant, worker wages, client and customer information, giving useful business expanding advice and keeping track of the growth of business.
How to become a BAS agent?
The first requirement of being a BAS agent is the completion of certified IV financial in either bookkeeping or accountant. Along with this BAS and GTS taxation principle courses also needed to be done to be registered. These courses are taught by several institutes but make sure it registered by TOS.
Secondly, before registration, you must have worked under the direct supervision of a registered BAS agent for 1400 hours. This is must because a part of registration is to be filled by the supervisor.
Thirdly, a practicing agent needs to have a suitable level of PI insurance in order to compensate in case of losses.
An example of a registered BAS agent:
‘Amanda McKenzie BAS Agent,’ is a registered in Australian Tax Practitioner Board.