The Rising Need For BAS Agents – And What The Future Holds?
In today’s complex business landscape, the demand for skilled professionals who can effectively manage business activity statement (BAS) requirements is on the rise. BAS Agents play a crucial role in ensuring the compliance and accuracy of financial reporting. Here, we will go over the growth that the BAS Agent industry has experienced in recent years, including their expanding responsibilities, the average salary in Australia, and the anticipated career prospects for individuals considering a career as a BAS Agent.
The Evolution of the BAS Agent Industry
Over the past decade, the BAS Agent industry has experienced significant growth, mainly driven by increasingly complex regulatory environments and the increasing need of clients seeking specialised expertise. BAS Agents provide essential services in areas such as bookkeeping, payroll, and taxation compliance, assisting a multitude of businesses in meeting their legal obligations.
Expanding Responsibilities of BAS Agents
The responsibilities of BAS Agents have expanded far beyond traditional bookkeeping functions that they were tasked with in times past. Today, they are expected to have a comprehensive understanding of all types of accounting software, tax laws, and reporting requirements. They serve more today as trusted advisors, assisting businesses in making the informed financial decisions possible and ensuring that they maintain compliance within the modern world’s ever-changing regulations.
Average Salary for BAS Agents in Australia
The remuneration for BAS Agents in Australia has begun to reflect the increasing demand for their expertise, and responsibilities that have been thrust their way. While all salaries may be based on factors such as experience and qualifications, the average annual salary for a BAS Agent in Australia now ranges between $55,000 to $85,000. With experience and specialisation, professionals can command higher salaries within this range, with those who have shown excellence in the industry, often commanding even higher salaries.
Expected Growth and Career Prospects
The future looks promising for individuals who are only now considering a career as a BAS Agent. As regulatory frameworks continue to become more complex, businesses’ reliance on BAS Agents to help them navigate through financial reporting requirements, will only increase. The increasing need for specialised expertise ensures a steady demand for qualified professionals will continue in this field, while once again, the role of BAS Agents is expected to evolve even further, incorporating technology-driven solutions and data analytics to provide even more valuable insights for businesses.
Becoming a Practising BAS Agent
To become a practising BAS Agent in Australia, individuals must meet certain educational and registration requirements. Completing a BAS Agent course qualification is a crucial step toward obtaining the necessary skills and knowledge. These courses cover various topics, including taxation laws, bookkeeping principles, accounting software, and compliance obligations, and can be completed at industry recognised providers, such as the National Business Institute of Australia (NBIA).
a) Eligibility Requirements
To be eligible for BAS Agent registration, individuals must hold a relevant qualification and meet experience requirements, such as completing a Certificate IV in Bookkeeping or Accounting, and having a minimum of 1,400 hours of relevant experience.
b) BAS Agent Course Qualification
Enrolling in a reputable institution, such as NBIA, is essential. Courses operated by these institutions provide comprehensive training on relevant topics and real-world skills, to ensure individuals are equipped with the necessary knowledge and know-how to excel in the profession.
c) Gaining Practical Experience
While completing the BAS Agent course is a significant step, gaining practical experience is equally important. Seek opportunities to apply the knowledge learned through internships, volunteering, or working under the guidance of experienced BAS Agents. Practical experience not only enhances skills, and contributes to meeting the registration requirement, it also makes you far more attractive to potential employers.
d) Registering as a BAS Agent
After completing the required qualification and meeting the experience criteria, individuals can apply for registration as a BAS Agent, with the Tax Practitioners Board. Successful registration allows individuals to begin to operate as fully qualified BAS Agent and begin providing professional services to their own clients.
The demand for BAS Agents continues to rise as businesses navigate complex financial regulations, and with expanding responsibilities and increasing average salary range that reflects the value they bring, the profession offers promising career prospects to individuals interested in a career in finance. If you’re interested in taking the first step to a rewarding career as a BAS Agent, head over to the NBIA website, to learn more about their BAS Agent Registration Skill Set course, download a course brochure, or speak to a student advisor.