BAS Agent - What a Tax or BAS Agent Must Do with Regard to Preparation and Lodgment of BAS and IAS Forms

BAS AGENT - WHAT A
TAX OR BAS AGENT
MUST DO WITH REGARD
TO PREPARATION AND
LODGMENT OF BAS AND
IAS FORMS

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Legislations to be complied by BAS agent..................................................................................3
Procedures to be followed to comply with regulations, legislations and Code of Professional
Conduct........................................................................................................................................4
Tax agent service.........................................................................................................................4
Materials and sources used to review, interpret and apply legislation........................................5
Reconciliation procedures to be followed by tax agent services.................................................5
Identification of lodgement schedule requirements.....................................................................6
Ensuring sufficient availability of fund.......................................................................................6
Processing of accounting data for tax reporting requirements.....................................................7
Reporting of payroll activities.....................................................................................................7
Forms required for BAS...............................................................................................................8
Lodging of BAS or IAS...............................................................................................................9
Project 2...........................................................................................................................................9
Further actions to be taken after preparing draft BAS.................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
Books and Journals....................................................................................................................11
Online.........................................................................................................................................11

INTRODUCTION
A BAS agent is one who is issued with a licence where it has been stated that they can
advise, provide certainty or act as a representative of a client in front of tax office with regard to
all the matters related to GST, Fuel tax, wine tax, payment of FBT, luxury car tax and many
more services. The present report is based on discussing pertaining to legislations, procedures to
be followed to comply with the applicable legislations, regulations and the code of conduct.
Also, materials & sources that is required to be used for reviewing, interpreting and applying
legislations associated with tax that has been reported on activity statements. Furthermore,
reconciliation procedures, identification of lodgement schedule requirements and many other
related activities with reference to complying with tax reporting. In project 2, actions that are
taken post preparation of draft BAS will be discussed.
MAIN BODY
Legislations to be complied by BAS agent
There are several legislations applicable on tax agent services, such as the following:
1. Tax Agent Services Act 2009 (TASA): Under this act, tax practitioners board gets
established which provides for the procedure for the registration & regulations of BAS
agents, tax agents and (financial) tax advisers. It provided for minimum standards and
eligibility criteria (such as educational requirements and experience test) to be met for
being a BAS service provider or BAS agents. Also, a code of professional conduct
defining and governing the ethical standards associated with registered tax practitioner is
also being stated under this act (How to lodge your BAS. 2022). Furthermore, disciplinary
sanctions and civil penalties & conjunctions for tax agents along with a “safe harbour”
for taxpayers is provided under this act.
2. Tax Agent Services Regulations 2009 (TASR): Under this act, experience and
qualifications required while registering as a tax agent or BAS agent is being contained
under this act. Also, other requirement for being a BAS agent and application fees to be
paid is mentioned under this act.
3. Tax Agent Services Act 2009 (Transitional Provisions & Consequential Amendments):
Under this act, the consequential and transitional matters that may arise as a result of the
enactment of TASA are being mentioned.

4. Tax Laws Amendments Act 2013 (2013 Measures No. 3): Under this act, regulatory
framework has been created for a tax agent services along with the transitional provisions
for getting registered as a tax agent.
Procedures to be followed to comply with regulations, legislations and Code of Professional
Conduct
There are several procedures needed to be followed in order to comply with regulations,
legislations and code of professional conduct, such as the following:
Enhancing the process of client verification for tax practitioners: By doing so, tax and identity
fraud can be avoided to a large extent. It is highly important by being as a tax practitioner to be
vigilant in carrying out necessary processes for identifying a client. This is turn would lead to
minimization of risks associated with identity fraud that could affect tax agent itself, their
practices, government and tax payers. For this POI requirements are in place and by complying
with this appropriate verification can be done of the new or ongoing client.
Keeping client's information as confidential: The information of both ongoing or previous
client must not be disclosed to the third party without having obtained their permission or there is
a legal duty to do so. Failing to comply with this procedure, sanctions would be applicable with
regard to breaching the code and legislative requirements.
Managing Conflicts of interest: It may occur when the tax agent have personal interest with
another party which is causing a conflict while carrying out a duty towards a client as a tax
agent. By having adequate arrangements in place, conflict can be easily managed which is
arising in relation to the activities needed to be performed as a tax agent. Various mechanism
that can be used to manage conflicts involves:
 Avoidance of performing the duty for a client while not being able to manage conflicts.
 By identifying, evaluating and implementing a proper response with regard to the
management of conflicts.
 Disclosure of conflict of interest in front of the client to help them in making informed
decision in a reasonable time.
Tax agent service
A tax agent service is responsible for advising on matters related to liabilities,
entitlements or obligations of an individual or entity that has been arises or could arise due to the
enactment of taxation law. Tax agents providing the tax agent services acts as a representative of