Question

Describe the aspects of legislation that impact BAS agents. 50–80 words

Answer 1

BAS Agents are financial services professional. They are basically bookkeepers qualified to prepare BAS statements. They can help in lodging BAS documents accurately and well on time. They also handle day to day bookkeeping tasks. They maximize the benefits within the law.

There are several aspects of legislation that has an impact on BAS agents. They are as follows:

A. Tax Agent Services Act 2009: TASA establishes the tax practitioners Board and provides for the registration and regulation of BAS Agents.

B. Tax Agent Services Regulations 2009: It contains the qualifications and experience requirements for registration as BAS agent, application fees payable and the requirements to become a registered BAS agent.

C. Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 : It provides for the transitional and consequential matters arising from the enactment of TASA.

D. Tax Laws Amendment (2013 Measures No 3 ) Act, 2013: It creates a regulatory framework for tax advice services and contains the transitional provisions for registration as a tax adviser.

E. Tax Agent Services (Specified BAS Services) Instrument 2016: It declares certain services as BAS services.

F. Privacy Act 1988: It regulates information privacy.

G. Corporations Act 2001: The laws relating to the corporations.

H. Taxation Administration Act , 1953 : It provides for the administration of certain acts relating to taxation.