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Anyone who has an accounting business or is thinking about starting their own accounting business in Australia needs to be aware of the legislative changes that will see BAS agent registration, who will then be eligible to offer Business Activity Statement (BAS) services for a fee. The legislation is in its final stages and once passed, this will mean that any accountant wishing to offer BAS services for a fee will have to be registered as a BAS agent or work under the supervision of a tax or BAS agent. This is causing some concern for accountants who want to offer BAS services as part of their standard accounting services, as most small business owners expect the accountant to handle all BAS-related functions.
To comply with the law changes and become a registered BAS agent, an accountant who has 1400 hours of experience and a minimum qualification of a Certificate IV Financial Services (Accounting) or a Certificate IV Financial Services (Bookkeeping) can apply for registration.
This is not a very high level of experience for an accountant in public practice to be registered. I also believe that the additional requirements of registration will improve and more closely regulate the industry to provide a more professional standard of service to clients.
If you are an accountant who does not meet the education requirements, don’t worry. There are other options you can consider to enable your BAS agent registration. If you have your own accounting business and do not have the minimum educational qualifications, there is a service offered by educational institutions and also the National Institute of Accountants that may be of benefit to you.
Recognition of prior Learning (RPL) is the process by which you submit examples of your work to meet the specific outcomes of a course. If you can demonstrate with the examples that you have sufficient knowledge of the subject area and meet the course objectives, you can earn the qualification.
The RPL process means that many accountants in public practice with BAS and accounting experience can apply for prior learning recognition for the full Certificate IV Financial Services (Accounting) or (Bookkeeping). If you can meet the course requirements, you can earn the qualification without having to complete a degree program.
If you have your own accounting business and do not have the relevant qualifications, using this process will allow you to gain the qualification you need to become a registered BAS agent, which will ultimately help you run and grow your accounting business.
For more info you can visit the website: https://www.numberspro.com.au/
