As of March 1st 2010 the ATO regulated the bookkeeping industry. Now all bookkeepers providing a BAS service are required to register as a BAS Agent.
The minimum requirements are
- Certificate IV in Financial Services – Bookkeeping or Accounting unless working under a Qualified BAS Agent
- Member of a recognised Professional Association
- Over 1000 hours relevant experience
- Professional Indemnity Insurance
- Ongoing professional development
What does that mean for you?
In the past, a bookkeeper was able to complete an accounting software course and start charging for their services. Unfortunately due to their lack of experience, the often left a mess. The client could do nothing about it except find someone else who, hopefully, would be able to clean up the mess. It is a costly exercise both financially and emotionally.
As a BAS Agent there is a professional Code of Conduct in relation to:
- Honesty and integrity
- Independence (acting lawfully)
Breaching the code of conduct can result in termination of the registration and civil penalties involving fines up to $137,500.00. At last there is something that can be done if you are left in a mess.
Our practice is registered as a BAS Agent in its own right, we also have individually registered BAS Agents providing Supervision to the team