At the moment, the number of small businesses in Australia is on a stellar rise, which is why the profession of a BAS agent is in a much higher demand than ever before. Moreover, getting the Certificate IV in Financial Services is available to all those who are interested and motivated to invest a bit of their time and effort to obtain it. All of this makes it a self-sustainable model which you could become a part of. With that in mind and without further ado, here are five things you should know about being a BAS agent.
What is a BAS agent?
The acronym BAS stands for the business activity statement and it was introduced as a part of a tax reform all the way back in 2000. From that point on, it stands as one of the cornerstones of the Australian tax system. While the statement was altered many times in the previous two decades, its relevance in the small business world has only grown in volume. Due to the fact that some BAS roles, such as GST (goods and services tax) can be reported on an annual or monthly basis, the demand for work is high in both volume and frequency. For this reason alone, this line of work sounds so appealing to the industry newcomers.
What does a BAS agent do?
In the previous section, we discussed GST as one of the main BAS roles. Nonetheless, BAS includes much more than that. Aside from GST, other roles are PAYG (pay as you go) income tax installment, FBT (fringe benefits tax) installment, LCT (luxury car tax), WET (wine equalization tax), fuel tax credits and much more. From this, we can deduce two things. First, the services of BAS agents are needed by individuals almost as much as they are needed by entrepreneurs. Second, the range of work of a BAS agent is incredibly diverse. In the end, you should also keep in mind that installment notices for both GST and PAYG also come under the jurisdiction of BAS agents.
You can take courses online
One of the main obstacles to becoming a BAS agent lies in the fact that a lot of people find it difficult to combine a regular course with their day-job. Fortunately, nowadays you can take a BAS agent course online, thus gaining a chance to pivot your career, without having to quit your day job first and exposing yourself to all the hazards of the job market. You see, in this industry, the experience is valued over formal education. This is yet another advantage of a short online course, due to the fact that it helps you start working much sooner than you otherwise would be able to.
The cost is fairly low
As for the cost of becoming a BAS agent, the course itself is about $600, which, when observed as an investment in your own future, doesn’t seem like much. It gets even better, due to the fact that some online courses offer sessional discounts. This means that you can enlist for as little as $350, provided that you time everything right.
It can’t hurt
The most important thing about taking a BAS course lies in the fact that it doesn’t cost much, it doesn’t take much time and it simply can’t hurt. Even if you decide not to become a professional BAS agent, you can still handle your own taxes more efficiently or offer a free counsel to friends and family members. If, on the other hand, you decide to start your own business, you’ll enjoy the privilege of much greater fiscal awareness and the ability to handle your own BAS.
As you can see, being a BAS agent opens up so many doors, without penalizing you in any way. Sure, someone without any background in finances might find it a bit hard to get accustomed to all of it at first. Nonetheless, stepping outside of your comfort zone in order to acquire new skills is the only way in which you can grow.