Accounting

Accounting Bookkeeping BAS agents

Which course meets the requirements for me to register as a BAS Agent with the TPB?

Do I need to undertake a course with an Australian institution or will my overseas qualifications suffice? What level of education do I need? Will my qualification be accepted? There are many accounting and bookkeeping courses out there on the market, but how do you know which course is accepted by the Taxation Practitioners Board for registration as a BAS Agent?  

What qualification is accepted by the Taxation Practitioners Board?

  According to the Taxation Practitioners Board’s website, an applicant must hold at least a Certificate IV in Accounting and Bookkeeping (or any of the Certificate IV in Accounting or the Certificate IV in Bookkeeping – both of which have now been superseded) to meet the primary qualification requirement if you want to register as a BAS Agent. Visit website here - www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/ 

Who offers the Certificate IV in Accounting and Bookkeeping course?

The institutions approved to deliver the Certificate IV in Accounting and Bookkeeping program include registered training organisations and TAFEs offer these courses and you can look them up here. Generally, the courses cost more at TAFE than they do at a private registered training organization. You will find that the core units are all the same – as they have been set by the Department of Education and Training, but the elective units will vary from institution to institution.   These education institutions are registered and regulated by the Australian Skills Quality Authority or its relevant state authority such as the Victorian Registration and Qualifications Authority or the Department of Training and Workforce Development Apprenticeship Office. If you want to learn more about accounting and bookkeeping you can find out more about studying a diploma of accounting.   The courses they offer are nationally recognised and the outcomes of these qualifications are reported to the National Centre for Vocational Education Research in an effort to monitor quality and data on student satisfaction.  

What are the requirements for me to register as a BAS Agent?

  To register as a BAS Agent as an individual, you must be able to meet the following requirements:  
  • You must be at least 18 years old.
  • You must be a fit and proper
  • You must satisfy the qualification and experience
  • You must maintain, or will be able to maintain, professional indemnity insurance cover that meets the TPB’s requirements.
  • You must complete an online application, provide the required supporting documents and pay the required application fee of $135.
  Important: This information is correct as at the 19thof September 2018 and as available on the TPB website.  

By user23395, ago
Accounting

Study Accounting or Bookkeeping

10 Reasons Why You Should Study Accounting

According to our visitors, accounting is the most popular course over the years. Asan accountant, you are required to give information about the financial position and status of an organisation and it’s a very important job. An organization would not be able to handle financial decisions without them. Accountants are responsible for the financial situation of the company so you’ll have to make sure that money is flowing! Let’s find out why it’s so popular and why you should study it. View more details here for Bookkeeping and accounting course. If you have already completed a certificate IV course in account or bookkeeping you may qualify to study the Diploma of accounting, information available here on how to enrol in that accounting diploma.
  1. You need basic math skills

Accounting, these days is fully computerised. You don’t need to use complex formulas to calculate big numbers. Computers and specialised software do that for you. You still need to be good with numbers. Accountants now need to be able to have strong communication skills to be able to communicate with clients from various industries. If you still like the idea of completing bank reconciliation manually view this article. 
  1. Every industry needs an accountant

Think about it. In a business, they need someone to handle the money and accounts, deal with banks and taxes and so on. They need you if you are a professional with the right qualifications. It is not enough to just be able to have the skills to complete subsidiary accounts and ledgers
  1. You can start your own business or accountancy firm

You can be an entrepreneur if you are an accountant because it simply enables you to know the ins and outs of various industries and markets. If you are a highly qualified and professional accountant with the right skills and qualifications, you can be an independent accountant, have your own firm, and employ others.
  1. You can work abroad

With qualifications like ACCA, you can work in more than 120 countries. You might be attached to big firms that would want to send you to different countries. So, it is kind of a professional passport.
  1. More consultation, less number crunching

Accountants are not mathematicians, but they are advisors and bookkeepers for clients and a communicator. Having said that you still need to ensure you are aware of the latest technology when it comes to accounting or bookkeeping. 
  1. Seasons to make big money

During a financial year, you will be needed for auditing and assessment quarterly or at the end of the financial year. You will have to deal with taxation, speculation/predictions, and financial planning for the following season. This is a very busy time for accountants.
  1. Grow your connection with volunteer work
A lot of big organisations like (WHO, WFO, WWF, UN, Amnesty, and many others) need professionals to help and volunteer to do some work for them because they are always short on funds and get much of their work done through volunteers. You, as a qualified accountant volunteer, will meet high calibre individuals that can help you go far. They can write you a recommendation letter, connect you to other professionals, or even get a job with these organisations.
  1. A degree is not necessary

Accountancy is all about skills and professional qualifications. You can study on your own or enrol at an institution that offers the right qualifications. ACCA is a great way to get a job at a young age. It pays you well, and it is accepted in many countries around the world. One can even start studying accountancy right after SPM.
  1. Your skills are always in demand

Money is a basic requirement so jobs in finance like accountancy is always in demand. A finance professional is always needed by businesses and various industries. Where money is involved, an accountant is needed.
  1. Accounting is your Parachute

When hard times hit, companies tend to cut costs and lay off employees. Usually, the layoff process hits marketing, sales, and other departments. The accounting department is one that cannot afford to lose a member of their staff unless the qualifications are not there. Political changes also don’t impact much. If there is a change in policy, government or regulations, an accountant can always catch up with these changes. In fact, they might be the first to learn about the changes and adapt to them. However, nothing is guaranteed 100%, nothing is full-proof 100%; and in many cases, change might be necessary. If you don't want to study an accredited qualification, consider doing certain accounting and bookkeeping subjects.

By user23395, ago
Accounting

Top reasons to study accounting

Top reasons to study accounting (it’s more than just numbers…)

What do famous personalities like Sir Mick Jagger (The Rolling Stones), Julia Sweeney (American comedian and actress), Kenny G (saxophone extraordinaire) and Peter Falk (TV’s legendary detective Colombo) all have in common? Accounting – They either studied accounting or were professional accountants! Studying accounting - https://www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/ gives you a much broader perspective than additions and subtractions. Once you have completed that bookkeeping course you can graduate to a diploma of accounting by undertaking this course and receive an accredited qualification. Ask any student of accounting, and he/she will readily affirm that studying accounting is not just about the numbers. Their influence in business and society in general goes much beyond ledgers, balance sheets and numbers. As a student of accounting, you don’t necessarily need to end up working as a ‘traditional’ accountant, writing ledgers and preparing Profit & Loss Statements. Studying accounting opens the doors to a whole range of allied careers, including:
  • Finance Managers
  • Business Analysts
  • Business Managers
  • Investment Advisors
  • Risk Management Specialist
While the current workforce in accounting and related jobs is estimated at around 188,000 (as of November 2015), a 5-year projection by the Australian Government, in their Job Outlook (to November 2019) had estimated that there would be over 50,000 new job openings for accountants (and associated jobs). A revealing report by the Australian Workforce and Productivity Agency (AWPA), titled Demand and Supply of Accountants, sheds some interesting light on why you may wish to consider studying accounting, and what prospects lay ahead for you if you do decide to pursue a career as an accountant or a related profession.

Numbers DO matter

Australia Bureau of Statistics (ABS) statistics indicate that, not only is there a healthy demand for accountants, but that the median earnings for accountants track roughly 22% higher than the benchmark “All occupations”. These numbers confirm that studying accounting does bring you the benefit of great jobs, but also pay that’s relatively better than many of Accounting’s peer disciplines.

Age doesn’t matter

Accounting students, enrolled in a certificate, diploma or professional degree program today, should be heartened by the fact that they could be absorbed into the workforce shortly upon completing the course. ABS data shows that, while 31% of accountants are in the 25-34 year age group (compared to 22% for all other professions), studying accounting can also bring youngsters in the age group of 20-24 years into the workforce.  The need to fill the imminent void that will be left by retiring accountants (Boomers and Gen X’s) means you are more likely to position yourself to fill that void if you start your Accounting studies now!

Great employment potential

Studying accounting offers you great long-term potential for employment, whether you are an Australian student, or an overseas student studying accounting at an Australian institution. An Australian Department of Employment study indicated that: Studying accounting opens doors to employment: Over 86% of individuals with an accounting qualification were contributing members to the labour force, compared to 82.5% of individuals with other qualifications

By user23395, ago
Accounting

Bookkeeping | Accounting – BAS agents requirements

What are the requirements for me to register as a BAS Agent?

Navigating the BAS Agent registration requirements can be confusing, especially the primary qualification criteria, since the TPB website does not specify exactly which qualification comes under the Certificate IV in Financial Services in bookkeeping or accounting.

Which qualifications are accepted?

According to the TPB website, an applicant must hold at least:   Higher qualifications are also accepted – meaning if you hold a Diploma of Accounting, a Bachelor of Accounting or a Master of Accounting, it will satisfy the primary qualification requirement.

BAS Agent Registration Requirements

To register as a BAS Agent as an individual, you must satisfy a certain set of criteria, not just holding the accounting and bookkeeping certificate:
  • You must be at least 18 years old.
  • You must be a fit and proper person – this takes into account:
    • whether you are of good fame, integrity and character;
    • whether you have been convicted of an offence involving fraud or dishonesty;
    • whether you have been penalised for being a promoter of a tax exploitation scheme;
    • whether you have been penalised for implementing a scheme that has been promoted on the basis of conformity with a product ruling in a way that is materially different from that described in the product ruling;
    • whether you are an undischarged bankrupt; and
    • whether you have been sentenced to a term of imprisonment, or served a term of imprisonment in whole or in part.
Click here to find out more about this requirement and the definitions that apply.
  • You must satisfy the qualification and experience requirements – you must have:
    • successfully completed a Certificate IV in Accounting and Bookkeeping (or one of its superseded qualifications or higher) from a registered training organization or an equivalent institution;
    • must have completed a board-approved course in basic GST/BAS taxation principles (which may be included in the Certificate IV in Accounting and Bookkeeping); and
    • completed 1,400 hours of relevant work experience in the past 4-years.
  • You must maintain, or will be able to maintain, professional indemnity insurance cover that meets the TPB’s requirements.
  • You must complete an online application and provide the required supporting documents.
 

What happens after I submit my application with the TPB?

After you have submitted your application, the TPB will respond with a decision to either grant or reject your application for registration. You will usually hear from them within 30-days of submitting your application. If your application is approved, details of your registration will be recorded and published on the TPB register, you must inform the TPB of your professional indemnity insurance details within 14-days of approval, and the Australian Taxation Office will be notified that your registration has been approved. Alternatively, if your application is rejected, you will be advised of the reasons and of your appeal rights; and the ATO will be notified of the TPB’s decision to reject your registration. Important: This information is current as at the 19th of September 2018 and as available on the TPB website.  

By user23395, ago
Accounting

Certificate IV in Accounting and Bookkeeping qualification

Is the Certificate IV in Accounting and Bookkeeping enough for me to register as a BAS Agent?

There have been many questions asked as to whether the new FNS40217 Certificate IV in Accounting and Bookkeeping meets the primary qualification requirement for one to register as a BAS Agent. The answer is, yes. However, there is more to the qualification requirement than simply the completion of the Certificate IV in Accounting and Bookkeeping course. There are more to the registration requirements than just the primary qualification factor. Details available here -www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/ In February, the Department of Education and Training announced the changes it has decided to make which affects, amongst other qualifications, the Certificate IV in Accounting and the Certificate IV in Bookkeeping. They have decided that, after thorough consultation with the industry, to combine the two qualifications and from the 14th of February 2019, the two qualifications were superseded by the Certificate IV in Accounting and Bookkeeping. You can also study the Diploma of accounting by clicking on the following link https://www.edna.edu.au/online-courses/diploma-of-accounting/  

Primary Qualification – BAS Agent

The Tax Practitioners Board is yet to update the information on their website to reflect the new qualification, although it has been confirmed that it is accepted as a primary qualification.

BAS Agent Registration Requirements

To register as a BAS Agent as an individual, you must satisfy a certain set of criteria, not just holding the accounting and bookkeeping certificate:  
  • You must be 18-years of age – you cannot be under 18 years old to apply.
  • You must be a fit and proper person – which takes into account whether you are of good fame, integrity and character; whether you have been convicted of an offence involving fraud or dishonesty; whether you have been penalized for being a promoter of a tax exploitation scheme; whether you have been penalized for implementing a scheme that has been promoted on the basis of conformity with a product ruling in a way that is materially different from that described in the product ruling; whether you are an undischarged bankrupt; and whether you have been sentenced to a term of imprisonment, or served a term of imprisonment in whole or in part. Click here to find out more about this requirement and the definitions that apply.
  • You must satisfy the qualification and experience requirements – you must have successfully completed a Certificate IV in Accounting and Bookkeeping (or higher) from a registered training organization or an equivalent institution, must have completed a board-approved course in basic GST/BAS taxation principles (which may be included in the Certificate IV in Accounting and Bookkeeping), and completed 1,400 hours of relevant work experience in the past 4-years.
  • You must maintain, or will be able to maintain, professional indemnity insurance cover that meets the TPB’s requirements.
  • You must complete an online application and provide the required supporting documents.
  Now that you know what the requirements are, you can a) start working towards achieving them, or b) register if you already meet the requirements!  

What happens when I finally lodge my application with the TPB?

After you have lodged your application, the TPB will respond with a decision to either grant or reject your application for registration. If your application is approved, details of your registration will be recorded and published on the TPB register, you must inform the TPB of your professional indemnity insurance details within 14-days of approval, and the Australian Taxation Office will be notified that your registration has been approved. Alternatively, if your application is rejected, you will be advised of the reasons and of your appeal rights; and the ATO will be notified of the TPB’s decision to reject your registration.   Important: This information is correct as at the 19th of September 2018 and as available on the TPB website. This information may change at any time. Please refer to the TPB website for more information.    

By user23395, ago