Frequently Asked
Questions From Clients
1
What is the difference between a Bookkeeper and a BAS Agent?
Not all Bookkeepers are required to become BAS Agents. However, if a business engages a contract Bookkeeper to provide any BAS related services, they must be a registered BAS Agent and endorsed by the Tax Practitioners Board. Only a BAS Agent is authorised to interact with the ATO and manage your obligations on your behalf, unless the person handling your BAS is your employee.
Both Bookkeepers and BAS Agents have an important role in a business. They are engaged with the expectation of keeping accurate, compliant and up to date financial records every month, quarter and at the end of the financial year.
2
What can a Bookkeeper do?
Bookkeeping looks different for every business, but the most common responsibilities include:
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Recording financial transactions
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Bank reconciliations
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Managing bank feeds
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Processing accounts receivable
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Processing accounts payable
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Preparing financial reports
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Assisting the business’ Accountant with tax compliance
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Working with the Business Owner or Management on:
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Certain human resource tasks
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Most payroll functions*
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* Pay rates must be set by the business in line with the relevant industrial award.
3
What can a BAS Agent do?
A registered BAS Agent must meet strict qualification and experience requirements under the Tax Agent Services Regulations 2009 and is accountable to the Tax Practitioners Board.
BAS services and advanced bookkeeping work typically include:
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ABN, TFN and business name registration
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GST and PAYG registration
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Accounting software setup and training
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Single Touch Payroll (STP) processing
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End of financial year STP reporting
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Superannuation obligations
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Taxable Payments Annual Report (TPAR)
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Preparation and lodgement of BAS or IAS (monthly, quarterly or annually)
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Quarterly and year-end reviews
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Liaison with the Commissioner of Taxation on your behalf
A BAS Agent can perform all the duties of a Bookkeeper, along with a wide range of additional advanced functions.
Contracted Bookkeepers who provide BAS services must be registered BAS Agents and must complete ongoing professional education each year.
4
We want to move to Xero but we do not know where to start
No problem. We will look at what you want Xero to do for your business, then tailor the setup and training your team needs.
5
We only need some of your services. Is that ok?
Absolutely. STH Bookkeeping can take care of the tasks you prefer to outsource and leave the rest to you or your Accountant.