Is your Bookkeeper operating legally?
Written on the 17 May 2010 by Deana Scott
New laws affecting those who perform bookkeeping and BAS services on behalf of a business were introduced in March 2010 and provide for clearer regulation in the provision of BAS services.
These new laws require providers of BAS related services be a registered Tax and/or BAS agent in order to continue to provide those services for a fee or other reward. This legislation does not apply to employees preparing their employer’s activity statements in the course of their normal duties.
BAS Agent related services include:
Many practices outsource the above activities to contract bookkeepers or family members (e.g. billed through a service trust). In these instances, if the contractor/family member is not a registered Tax or BAS Agent then the contractor/family member may be exposing themselves to civil penalties of up to $27,500.
Practices should ensure that their bookkeeping and BAS service provider is a registered Tax or BAS Agent. If not, the provider must, by 31 August 2010, notify the Board they are accessing the transitional provisions or register with the Board as BAS agents. Further information on registering as a BAS Agent can be found on the Australian Governments Tax Practitioners Board website www.tpb.gov.au
Registration requirements for BAS agents include:
If you need to outsource your bookkeeping, we recommend that you use a bookkeeper who not only specialises in medical practices but is a registered BAS agent. Virtual Medical Office is a registered BAS agent and have staff with over 10 years of medical practice bookkeeping and practice management experience. In addition, VMO is highly experienced in the area of medical financial management and fraud detection. For a consultation regarding your practices requirements, please call VMO on 1300 725 145.
Author: Deana Scott