BAS for Tax Agent Service Regulations - myassignmenthelp.com

Question: Discuss about theBAS for Tax Agent Service Regulations. Answer: Dear Penny, In this email, an attempt is made to discuss the eligibility requirement for registering as a BAS agent and whether you currently qualify for the same. The individual should registered with Tax Practitioners Board in order to become a BAS agent. It is compulsory to register with TPB for providing services like tax agent or business activity statement for reward such as fees. If an individual is not registered with the board then such an individual is not allowed to charge any compensation for providing services related to tax or business activity statement (Dam et al. 2014). In order to become a BAS agent an individual is required to have certain qualifications that are provided in Tax Agent Service Regulations 2009 (TASR). The primary qualification that an individual should have is an academic qualification in bookkeeping or a certificate IV level qualification at accounting. It is mandatory that the qualification should be obtained from the registered training centers or institution that are equivalent. In addition to this, the individual should have the qualification in BAS basic course offered by the institute. On analyzing the qualifications, it can be seen that all the qualification requirements that are needed for becoming a registered BAS agent is fulfilled (Walpole and Salter, 2014). There are two options for becoming a BAS agent and these options are based on experiences. The individual is required to have 1400 hours of working experience in the past 4 years if the individual does not have voting membership in a recognized tax agent association. If the individual is a voting member of an association of BAS agent then relevant work experience of 1000 hours in 4 years is required. In this case, she had 670 hours of work experience and she is a professional member of institute of public accountants. Based on the requirement she needs to have an experience of at least 1000 hours. Therefore, she cannot register for becoming an agent, as the requirement for experience is not satisfied. Therefore, in order to become a registered BAS agent Penny is required to get work experience of 1000 working hours. The Tax Practitioners Board provides that a BAS agent should complete a minimum of 45 hours of continuing Professional Examination. It is mandatory to have a minimum 5 hours of continuous Professional Examination in any particular year. The containing Professional Examination helps the agent to gather and maintain the required level of knowledge and skill that is necessary for providing services. The code of professional conduct provides that it is an obligation for a professional to maintain up to date skills as a tax agent (Martin and Vincent 2014). In September, George was employed in a manufacturing company for completing the activity service and managing payroll. In this case, he is not acting in the capacity of BAS agent but an employee of the company. The requirement for continuing professional education applies only to the professionals and not the employees. Therefore, he has not violated any civil provision in September. The continuing professional education is an obligation under the code of professional conduct. In this case, George has provided services as a registered BAS agent without undertaking continuing professional education. This is one of the principle code of professional conduct that has been breached by George. The code of professional conduct requires that an agent should maintain confidentiality of the information of the client. The information of the client should not be shared without the consent of the client except is required by law (Rowland 2014). The privacy act 1998 provides that information can only be shared on demand of the court, tribunal or any other legal proceedings. Therefore, George can share the information of the client if the law requires the information to be shared. The different ways in which a BAS agent can lodge business activity statement are: Business activity statement can be lodged online. Business activity statement can be lodged through phone. The business activity statement can be lodged by email. The Three organizations: Institute of certified public Accountants. Institute of Chartered accountant Australia Institute of certified bookkeepers Reference Dam, H.K., Pitt, J., Xu, Y., Governatori, G. and Ito, T. eds., 2014.PRIMA 2014: Principles and Practice of Multi-Agent Systems: 17th International Conference, Gold Coast, QLD, Australia, December 1-5, 2014, Proceedings(Vol. 8861). Springer. Martin, B.A. and Vincent, A., 2014. Effects of knowledge, testimonials, and ad copy on cruise advertising judgments.Tourism Analysis,19(6), pp.769-774. Rowland, N., 2014. Congratulating all of our online renewal winners!.Taxation in Australia,49(2), p.63. Walpole, M. and Salter, D., 2014. Regulation of tax agents in Australia.eJournal of Tax Research,12(2), p.335.