One of our frequently asked questions here at Monarch Institute from accounting and bookkeeping students is “how can I add BAS Agent to my portfolio”?
So, what IS a BAS?
A Business Activity Statement (BAS) statement is a declaration to the ATO of your business’ financial activity over a fixed time period, either monthly, quarterly or annually. A BAS Agent is authorised to prepare and lodge BAS returns on a business’ behalf and provide advice on BAS-related items.
To become a BAS Agent, there are several important requirements you’ll need to meet, as outlined by the Tax Practitioners Board – education, experience, be over 18 years of age and meet the provisions of the ‘fit and proper person’ criteria.
Monarch’s nationally recognised Certificate IV in Accounting and Bookkeeping is approved by the Tax Practitioners Board and covers both GST and BAS taxation principles.
BAS agents are also required to complete 1,400 hours of experience, providing BAS services under the supervision of a registered agent within the last four years. This means that, yes, you can accumulate hours retrospectively. However, if you are a voting member of a recognised BAS or tax agent association such as the Institute of Certified Bookkeepers you will only need 1000 hours of experience. One of the benefits of enrolling with Monarch is that you’ll receive a complimentary one year student membership to the Institute of Certified Bookkeepers (ICB) and the Institute of Public Accountants (IPA).
BAS agents must be deemed “Fit and Proper” persons to ensure client confidence. They must also undertake continued professional development and maintain professional indemnity insurance as well as be over the age of 18 years.
How much will it cost me?
The fee for registration is $135 if you are running a business providing BAS services, and the period of registration is typically three years.
For more information on the requirements and the registration process follow this link to the Tax Practitioners Board’s specifications.
Need more info? Chat to one of our Course Consultants about Monarch’s Accounting and Bookkeeping courses on 1300 738 955.