Business Activity Statements— the dreaded moment all business owners in Australia face. Going through the motions of tax calculation and reporting is mentally, physically, emotionally, and, if you make mistakes, financially draining.
On a good day, reporting your BAS is exhausting as it is. Now add more factors into the mix and you’re looking at gibberish too complicated for your own good you’d wish that there’s someone who can do this efficiently for you, as getting your bookkeeper to do it for you may not be technically legal.
Good thing there are registered BAS agents, people who helps prepare financial reports in preparation and lodgement of Business Activity Statements. Did your eyes light up a little? Read on to see why trusting a BAS agent can make your life easier and truly brighten up your day!
Relevant education, skill, and experience
One thing you can be sure about BAS agents is they’re of quality.
In order to be eligible BAS agents, they’re required to complete relevant bookkeeping courses at recognized institutions like TAFE’s Certificate IV in Bookkeeping plus course completion of principles in Goods and Services Tax and Business Activity Statements. An additional requirement of at least 1,400 hours of relevant bookkeeping experience in the past three years completes the package of a skilled and competent BAS agent.
Considering the ridiculous amount of time a business owner might spend on preparing BAS on their own and how the Australian Tax Office penalizes and fines misreported Business Activity Statements, it makes sense to acquire, and trust, the relevant education, skill, and experience of a BAS agent.
They’re undergoing continuous professional development
Another good reason to trust BAS agents is that they’re required to undergo continuous professional development. That means that minimum of 1,400 hours of relevant experience is continuously adding up, leading to better skilled BAS agents. One part of professional development is education which improves the domain knowledge of BAS agents, subsequently improving their already-honed domain expertise.
With this kind of requirement in place, you can expect that getting your business activity statements processed by BAS agents will only get faster and more efficient than by trying to do it on your own, fumbling, and risking the possibility of incurring penalties and fines.
They went through – and passed – the Fit and Proper Person Test
One of the great reasons to trust a BAS agent is the fact that each BAS agent candidate has to go through the Fit and Proper Person Test, a test that excludes candidates that committed any kind and any number of financial crimes. The Fit and Proper Person Test also excludes candidates who’ve been imprisoned, making sure you’re at ease every time you’re with a BAS agent.
Considering the kind of filtering process BAS agent candidates go through, you’re assured that the possibility of criminal actions are highly unlikely.
You’re financially safe
BAS agents must maintain professional indemnity insurance which protects you from losses if the BAS agent makes a mistake or acted with malice while processing your business activity statements.
Along with the financial protection hiring a BAS agent provides, you also get legal protection under the Tax Administration Act 1953’s safe harbor provisions, which renders your BAS agent liable by Australian Tax Office for mistakes like late document lodging, and misreporting which results in tax shortfall.
Imposed strict code of conduct
As if the first four reasons are not enough, a strict code of conduct is imposed on BAS agents, where one misstep might mean the end of their BAS agent career. This strict code of conduct strongly discourages future and present BAS agents from risking their BAS registration and gets all those years of effort and time spent on BAS education for nought.
Considering all the requirements and rules in place for BAS agents, it’s easy to see why trusting BAS agents will be one of the easiest decisions you’ll make in your life. Right from the educational and experience requirements up to the imposed code of conduct and professional insurance, you know that the BAS kind of breed are top notch not only in skill, but in values as well.
It’s time to stop confusing yourself over the confusing and long-winding BAS reports, make sure to contact us on 1300 728 785 and get that BAS agent you and your business truly deserve!