Looking for a specialized career in accounting and bookkeeping? There are many potential benefits to becoming a qualified BAS agent. It’s a great option if you’re looking for a stable, well-paying job with some flexibility. BAS agent roles are spread across Australia and include part-time positions with flexible terms. Also, there is an opportunity to start your own business with BAS agent services (once you have the required experience).
But not everyone can open a business and call themselves a BAS agent. BAS officers must be registered with the Tax Practitioners Board. There are education, experience and other requirements to obtain and maintain your registration. Becoming a BAS agent is a journey that begins with the right learning foundation.
Not everyone can open a shop and call themselves a BAS agent. BAS agents are required to be registered with the Board of Tax Practitioners. There are education, experience and other requirements to obtain and maintain your registration. Becoming a BAS agent is a journey that starts with a good learning base.
The Certificate IV in Bookkeeping and Accountancy is a nationally recognized qualification. It reflects the roles and responsibilities of many different kinds of workers in the accounting industry. This includes Contract Accountants, BAS Agents, Finance Clerks and more. Core (Basic) units are designed to hone you in the basics you can use in various roles, from accounting software to preparing financial reports. Then, depending on the course provider you go with, you will also do five different elective units.
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BAS Agent Services in Australia
Basics Requirement For BAS Agent
If you are interested in a career as a BAS agent, it is important to note that you will be required to complete certain units of study as part of your educational requirements. Therefore, if you opt for Certificate IV as your basic qualification, you should ensure that your course provider offers these units and a TPB-approved training provider.
Monarch Institute offers a Certificate IV in Bookkeeping and Accountancy with the required BAS Officer Units. FNSTPB402 Establish and maintain payroll systems (MPA001) and FNSTPB401 Complete declarations of commercial activities and instalment payments (MAS001).
In these units, you will learn about what goes on in a BAS and why. In addition, you can practice preparing statements for different organizations and see how BAS preparation works in the real world.
Monarch Institute is an IPA training provider of choice because its courses prepare students for the real world of accounting and bookkeeping while providing the full flexibility of online learning. Their courses are designed to be studied online at your own pace, so you can tailor your knowledge to your current job and personal commitments. Plus, the trainers are all highly experienced practitioners in accounting and bookkeeping who can give you tips on what it’s really like to work in this field.
Experience and other requirements for BAS registration
To register as an individual BAS agent – the step required to work as an entrepreneur or start your own business – you must also meet a few other requirements. First, after you graduate (or while you’re in school), you’ll need a minimum number of hours of relevant experience. Using Certificate IV in Bookkeeping and Accounting as your main qualification requires a minimum of 1,400 hours of experience over four years.
“Relevant experience,” according to the TPB website, includes working under the supervision of a registered tax or BAS agent. So you can start your career as a clerk or assistant in a company with BAS duties, but not independently – with a registered agent as mentor/boss.
1,400 hours of experience may seem like a lot, but it equates to less than a year of full-time work. And since you’ll have up to four years in a row to gain your work experience, it’s conceivable that you split your experience into part-time or casual shifts.
You can also reduce your work experience to 1,000 hours if you are a voting member of a BAS or recognized tax agent association.
Last but not least, you must meet the “Fit and Proper” requirements. This means you have a good reputation in the public eye and are generally someone you can trust in tax and financial management. You will most likely pass this requirement unless you have been convicted or convicted of a tax offence, fraud or dishonesty offence, or a prison sentence within the last five years. Visit the TPB website to learn more about the official legal definition of “Fit and Proper” and what would disqualify you.
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How to register as a BAS agent:
There are five fundamental steps to becoming a BAS Agent. You must:
Get your basic degree.
If you have chosen the Certificate IV route, this means that you will complete your course within the time allowed.
Obtain your professional experience
You can do your internship during or after your studies, but it must be done within four years before you enrol.
Get (or plan to get) your professional liability insurance
One of the registration rules is that you must or can have professional indemnity insurance. The required sum insured depends on the turnover of your company. You might need $250,000 to $1 million in coverage. Coverage should be broad in scope, ranging from legal costs to full liability. Your employer may
Offer this insurance for yourself, but you will need to factor in the price if you are working alone. Premiums start at a few hundred dollars a year for minimal coverage.
Apply online
You can register as a BAS agent online. When you submit your application, you will be required to pay the application fee (currently $140). When completing the application form, have all your contact details ready.
Upload the required documents and proof
You must have your ID ready and copies of any documents required to prove your qualifications and experience. If applicable, these are your university certificates, reports from your supervisors, and membership in an association.
Start your journey to BAS recording.
Your training is the basis for your BAS agent career. So start off on the right foot with a learning experience and qualification that suits your needs and lifestyle. Contact Monarch Institute today on 1300978 955. Don’t forget to mention you’re an IPA member to get a discount.
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