Anyone who owns an accounting business or is considering starting their own accounting business in Australia needs to be aware of the changes in legislation to have registered SAR agents who are then allowed to offer SAR services for a fee. The legislation is in its final stages and once passed, any accountant wishing to offer BAS services for a fee will need to be registered as a BAS agent or work under the supervision of a tax or BAS agent. This is significant for accountants who wish to provide BAS services as part of their standard accounting services, as most small business owners expect the accountant to perform all BAS-related functions.
To comply with the regulatory changes and become a registered BAS agent, an accountant who has 1400 hours of experience and a minimum qualification of a Certificate IV Financial Services (Accounting) or a Certificate IV Financial Services (Bookkeeping) can apply for registration.
A very high level of experience is not required for a public sector accountant to register. I also believe that the additional requirements of registration will improve the industry and make it more regulated to provide a more professional service to clients.
If you are an accountant who does not meet the educational requirements, don’t worry. There are other options you can consider to allow your BAS agent to register. If you have your own accounting business and do not have the minimum educational requirements, there is a service offered by educational institutions and the National Institute of Accountants that can help you.
Recognition of Prior Learning (RPL) is the process by which you submit examples of your work to meet certain course outcomes. If you can demonstrate through these examples that you have sufficient knowledge of the subject matter and have met the course objectives, you can earn the qualification.
Through the Prior Learning Assessment process, many public sector accountants with accounting and bookkeeping experience can apply for Prior Learning Assessment for the full Certificate IV Financial Services (Accounting) or (Bookkeeping). If you meet the course requirements, you can earn the qualification without having to complete another degree program.
If you have your own accounting business and do not have the appropriate qualifications, this process can help you obtain the qualification you need to become a registered BAS agent, which will ultimately help you manage and grow your accounting business.