accountant checking finance

The Importance of Using a Registered Tax or BAS Agent to Manage Your Business’s Finances

While many business owners feel they can manage the bookkeeping needs of their business, many soon discover it’s more involved than first thought. Outsourcing your businesses finances to a professional can in fact help to grow your business. How? As the time you save can be spent in other areas of your business to drive sales and profit.

When choosing the right bookkeeper to manage your bookkeeping, it’s important to not only choose a trusted and experienced professional, but also ensure your bookkeeper is a registered Tax or Bas Agent. In fact, 96% of Australian small business’s rely on a Tax or BAS Agent to help manage their tax and superannuation affairs.

Read below to learn more about the importance of using a registered Tax or BAS agent to manage your business’s finances including:

  • Why should I use a bookkeeper that is a registered Tax or BAS agent?
  • What are the risks of using a non-registered Tax or BAS agent?
  • How do I know if my bookkeeper is a registered Tax or BAS agent?

Why should I use a bookkeeper that is a registered Tax or BAS agent?

While there are many benefits of using a bookkeeper that is registered Tax or BAS agent many business owners aren’t aware that a registered agent provides consumer protection through professional indemnity insurance. Registered agents also have extended lodgement due dates for tax and BAS statements. To become a registered agent there is criteria that must be met before the registration is accredited. These include being a fit and proper person, satisfying the qualification and experience requirements and agreeing to comply with a professional code of conduct.

What are the risks of using a non-registered Tax or BAS agent?

There are real risks involved with using a non-registered Tax or BAS agent. They may not have the necessary experience and qualifications to ensure they are managing your businesses finances professionally and accurately. In fact, if a non-registered agent fails to lodge a tax return or statement on your behalf by the required due date or makes a false or misleading statement to the ATO (for example, by lodging an incorrect return or BAS), and this results in a tax shortfall amount, the ATO may impose administrative penalties on the business owner. 

How do I know if my bookkeeper is a registered Tax or BAS agent?

Tax or BAS agents need to be registered with the Tax Practitioners Board (TPB). When advertising their services, if registered, your bookkeeper will normally state they are registered and even provide their registration number on their website or business card. To check if an agent is registered, just enter their details in the Tax Practitioners Board (TPB) register or look for the registered practitioner symbol.

FREED UP Accounting & Bookkeeping Solutions are your registered and certified bookkeeping experts

At FREED UP Accounting & Bookkeeping Solutions, our main principal, Naomi is a registered BAS Agent (#25959844) with the ATO. She is also a qualified Accountant with a Bachelor of Financial Admin (Accounting) and a member of the Institute of Certified Bookkeepers and the Australian Bookkeepers Network.

Our Freed Up bookkeepers are required to fulfill four standards – education, experience, testing and training with a minimum of 5 years’ experience, registered BAS Agent or working towards registration, a Certificate IV in Finance Bookkeeping and successfully completed the Pure Bookkeeping Skills Assessment

Our mission is to add value to your business and contribute to your success, whilst freeing up your time to enjoy your life. Call our team today on 0438 977 767.


The Institute of Certified Bookkeepers

Disclaimer: The information in this article is general information only.