Record Keeping Requirements for Taxpayers and BAS Agents

Added on 2019-10-30

9 Pages1706 Words236 Views

Running head: ACCOUTING AccountingName of the StudentName of the UniversityAuthors NoteCourse ID

Record Keeping Requirements for Taxpayers and BAS Agents_1

1ACCOUTINGTable of ContentsAnswer to question 1:.................................................................................................................2Answer to question 2:.................................................................................................................2Answer to question 3:.................................................................................................................6Answer to question 4:.................................................................................................................7Answer to question 5:.................................................................................................................7Reference list:.............................................................................................................................8

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2ACCOUTINGAnswer to question 1: The below stated are the method of keeping the knowledge of the professional up to dateconcerning the legislative changes are stated below;a.Selecting a payroll software provider that helps in providing updates relating to thesoftware whenever there is a legislative changes takes placeb.Attending the seminars of payroll in order to cover the latest payroll legislation c.Visiting the website of the Australian taxation office d.Joining the association of payroll e.Visiting the state revenue website Answer to question 2: The key requirements related to the preparation of the activity statement for each ofthe following comprises of the following A: Tax Agent Service Act (TASA): The tax agent service laws comprises of the following; a.Tax agent service act 2009 (TASA) lay down that the tax practitioners board and alsoprovides for obtaining the registration. It also provides for the regulations concerningthe tax agent and tax financial advisers (Kenny, 2013). b.Tax Agent Service Regulations 2009 (TASR) comprises of the qualifications alongwith the experience relating to the requirements of the registration as the tax agent,BAS agent and the tax financial adviser. The application fees that is payable is alsostated in the act where the requirements to become a recognized tax agent, BAS agentand tax financial advisers.