Well maintained business records help save tax dollars, and now business owners can save even more by taking advantage of Government sponsored traineeships for eligible students.

The Australian Taxation Office recently introduced legislation that affects the bookkeeping industry, and by extension many business owners who are using bookkeeping contractors.

Whilst double entry bookkeeping as it is known has been around for hundreds of years, up to now no formal qualifications were required of bookkeepers practicing in Australia.  Different standards, of course apply to accountants.

These days bookkeeping has become more complex requiring an in-depth understanding of the various financial business processes such as BAS and IAS. So where is this all going, you may ask? In a nutshell, the Australian Government is aiming to establish a national standard in a move to prevent sub-par BAS advice from being dispensed.

Bookkeeping professionals like Aussie Accounts have been quick off the mark to respond to the need for training opportunities and have developed the FNS 40207 Certificate IV in Financial Services (Bookeeping) course. Written by Bookkeepers in conjunction with CPA accountants and industry bodies this course successfully marries the practical with the theoretical like no other commercially available training product. Click here to learn more about the unique Aussie Accounts Certificate IV (Bookkeeping) course.

This unique bookkeeping course now provides a great opportunity for bookkeepers to increase their knowledge and get the certificate to prove it, whether or not they become BAS agents or remain employees. What’s more, permanent full-time and part-time staff working a minimum of 15 hours per week in the financial services sector either as bookkeepers or accounts payable/receivable clerks are most likely to qualify for a fully government sponsored traineeship in all regions. Click here to contact Aussie Accounts now to find out whether you’re eligible.

So what happens if you’re a Small Business Operator and don’t employ a bookkeeper but are outsourcing your bookkeeping work to contractors, who also prepare your BAS statements. From 1 March 2010,  the new BAS Agent Laws require all bookkeeping contractors  to revise their skill set in the near future.  Bookkeepers who wish to lodge BAS Statements on behalf of their customers will be required to have a Certificate IV in Financial Services (Bookkeeping) and some 1,400 hours of BAS work experience in the last three years. Fortunately the Government has also allowed a two year grace period  to bring their qualifications up to standard.

Non-compliant bookkeepers will have two options after the cut-off date.

They can compile a BAS for a client, who will then have to take it to a registered accountant to have it validated before going to the ATO, or alternatively the statement will have to be taken to a compliant bookkeeper before going to the tax office.

One way or another, the BAS will have to pass through qualified hands before going to the ATO. No matter how business operators get their books done, now is the time to smarten up to avoid getting caught out by the new requirements and avoid paying unnecessary tax dollars. Click here to find out more about Aussie Accounts services for business owners.

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