I am looking to start a bookkeeping business in the near future and I need some advice (from somebody in the know) as to what bookkeeping services I could legally provide, given the changes in legislation this year.
I have been doing as much research as I possibly can with regards to whether I am able to register as a BAS Agent. Whilst I have the educational requirements covered, I am not sure that I have the 1400 hours experience. Furthermore, I’m finding it rather difficult to gauge what this means – whether it relates solely to BAS work (i.e., lodgement & preparation). I have lodged somewhere over 150 BAS’s & IAS’s under a BAS/Tax Agent.
I have an accounting degree & have also completed the two compulsory Certificate IV units. I have prepared BAS’s from raw information (mostly bank statements and occasionally invoices) by entering data and making adjustment journal entries where relevant.
As a bookkeeper, I would be inclined to provide data-entry & do any required adjustment entries. Additionally, I’d be keen to analyse figures (month-to-month or qtr-to-qtr) and act as an ‘internal accountant’ for a small business using KPI’s (accounting ratios).
Ideally, I would also be able to communicate well with the client’s accountant (having some understanding of what they need/want) and they could lodge the Activity Statements if I am unable to (until I ‘clock up’ enough hours).
What I essentially want to know is whether this is all legal / feasible? I don’t want to get myself – or anybody else – into trouble with the ATO.
I appreciate your assistance