Time is running out…notify the Tax Practitioners Board now for BAS agent registration
If you provide business activity statement (BAS) services for a fee or other reward, you need to be registered with the Tax Practitioners Board (Board).
If you have been providing BAS services prior to 1 March 2010, the simplest way to register is to complete the online notification form by 31 August 2010.
Agents who register by 31 August using the notification option:
- won't have to pay a registration fee (until you re-register in February 2012 )
- have more time to meet registration requirements on renewal
- will have your registration backdated to 1 March 2010.
There are some clear benefits of being part of a regulated profession. Apart from now being a legal requirement, becoming a registered BAS agent will also show your clients that you are committed to providing the best service possible.
- clients of registered agents have a greater assurance, that their agent meets qualification and experience requirements, and complies with ethics and disciplinary codes
- official recognition by the Board. This will provide greater protection and quality for your clients and will also assist you to protect and build your business and reputation
- a clear statement of what the law requires of all tax practitioners and provides a level playing field within your profession
- increased recognition - bookkeepers and BAS preparers have always provided a valuable service for their clients. This is now acknowledged and BAS agents are now recognised as a legislated part of the tax practitioners profession
- opportunities to consult with the Board, who is keen to consult with, and listen to BAS agents. You can use our website to let us know of any questions or issues that you have.
What happens if I don't register?
The law requires BAS preparers to register as BAS agents if they charge a fee or other reward for the services they provide. While the Board and the new regime are being introduced there are transitional opportunities to become registered and provide your services legally.
If you operate illegally, the Board can apply to the Federal Court for an injunction that could require you to stop work and you might be subject to a significant civil penalty. Unregistered preparers and those who do not comply with the civil penalty provisions face fines of up to $27,500 for individuals or $137,500 for companies, which can be enforced for each breach of the Code of Professional Conduct.
Why is it important to register by 31 August
The simple notification method of registration is the only method that backdates your registration to take effect from the day the law began on 1 March 2010. This method covers you for BAS services you performed prior to being registered. If you think you need to be registered, submit the online notification form by 31 August to take advantage of this registration option. Go to the Tax Practitioners Board website for more information.