Getting ahead of the game
Preparing your world for the start
of the BAS Agent regime
A series of guided
decisions as to
what you need to
do & think about
Let people know
Sample letters for you to send out, includes info sheet
←Clients – there is a
new law coming
←Clients – I will be a
BAS Agent
←Accountants – the
new law about
Agents
Members only
resources
Arrange PI Insurance
• Indicative Premium Calculator
• Apply here
• What are the terms of this
policy
• Questions to ask
PI Insurance
Summary
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Bookkeeper priced premiums from $380 all up for $250k cover for $120k turnover
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NOTE: your costs involved in defending a claim ARE NOT part of the excess nor limit.
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Two claims per year COVERED
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Willis Insurance Australia as broker. Policy by Allianz Australia Insurance Limited.
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$1000 policy excess and no excess applies to Defence Costs,
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Civil Liability policy coverage. This is broader than a negligence wording,
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Broad business description includes all consulting and software work, to cover the many normal business activities
of bookkeepers,
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Automatic policy coverage up to the policy limit for: Libel, Slander or Defamation; Intellectual Property Rights;
Misleading, Deceptive or Unconscionable Conduct; Loss of Documents; Dishonesty of Employees
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Policy coverage to a sub limit of $100,000 for Costs of Official Inquiries, Policy coverage to a sub limit of $50,000
for Fidelity,
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Automatic coverage for employees and for any sub contractors
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The premiums vary based on two main factors
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The level of fee income that you earn
The level of cover that you require
Your precise premium is confirmed following your submission of an application for Insurance.
PI Questions to ask about your policy
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Does the policy cover every aspect of your bookkeeping/consulting business?
It must include work you do as a “BAS Service Provider” or providing “BAS Services” under the
current legal obligations of Sn 251L.
It must include work you will do as a BAS Agent under the proposed revised law.
Is there any bookkeeping/administrative/accounting duty or role you may do for a client
that the policy does not cover?
You have employees that work for you providing these services to the clients – are they
covered? How do I get them covered at what cost?
You have contractors that work for you providing these services to my clients – are they
covered? How do you get them covered at what cost?
You may work at your premises or your home or at the clients premises – are all these
locations covered including any employees or contractors?
Given your level of turnover of $_________ what is the all up all costs included total
premium you will pay. (i.e. don't exclude stamp duty or any levies etc)
Is this policy just your policy or is it linked to others in some way? (i.e. is it a grouped,
pooled or master policy and what do each of those mean? How are they different form a
standalone policy issued to just you?)
Are all and every type of legal costs and any persons charges to you for helping you in
defending any action, and any penalty, interest, damages claim covered by this policy and
to what extent?
You could be sued for penalties and interest charged by government or for damages to a
client – are all these covered in every extent? Is there any limitation to what is covered?
Are your costs of defending an action included in the cover level or are they in addition to
the level of cover? (i.e. You have a $250k level of PI cover, does that include legal costs or
are legal costs also covered by the insurance but are paid in addition to the $250k level)
ICB PATHWAY TO CREDIBILITY
Message to client
1)We are professional
2)We are industry skill tested
3)We are Software Skill Accredited
4)We are formally educated
5)We are legal
6)We are insured (properly)
ICB Membership
Theory & Practical
Bookkeeping
Skills Assessments
How? By:
Formal Education
or
Accounting
professional
assessment &
recommendation
or
Knowledge
assessments
AND
Bookkeeping
experience
(0, 1 or 2+ years)
Accreditation
in Software
Certificate IV
Fin Services
(Bookkeeping)
How? By:
ICB
a) Level I, II, III
Theory…..
b) Level I, II, III
practical …..
Bookkeeping
assessments
or
Formal Education
How?
MYOB
- Certified Consultant
(by MYOB)
&/or
- Approved Bookkeeper
(conducted by ICB)
- MYOB Skills
(ICB Certification)
Quicken/Quickbooks
(ICB Certification)
Other
(talk to us)
How? By:
Formal Education
a) Classroom
b) Distance
c) Assessment
d) RPL
ICB Membership &
Assessments
provide at least 9
units of credit
towards Cert IV’s
13 units
B
re
B
How
re
Afte
By:
new
Thr
You
Cer
Exp
Or
Tra
AY TO CREDIBILITY
Message to client
1)We are professional
2)We are industry skill tested
3)We are Software Skill Accredited
4)We are formally educated
5)We are legal
6)We are insured (properly)
p
Theory & Practical
Bookkeeping
Skills Assessments
How? By:
ICB
a) Level I, II, III
Theory…..
b) Level I, II, III
practical …..
Bookkeeping
assessments
or
Formal Education
Accreditation
in Software
How?
MYOB
- Certified Consultant
(by MYOB)
&/or
- Approved Bookkeeper
(conducted by ICB)
- MYOB Skills
(ICB Certification)
Quicken/Quickbooks
(ICB Certification)
Other
(talk to us)
Certificate IV
Fin Services
(Bookkeeping)
How? By:
Formal Education
a) Classroom
b) Distance
c) Assessment
d) RPL
ICB Membership &
Assessments
provide at least 9
units of credit
towards Cert IV’s
13 units
BAS Agent
registration
BAS Agent
How?
registration
After 1 Jan 2010
By: Apply to the
new Board
Through ICB
You Need
Cert IV &
Experience
Or
Transition
Certificate IV
Skills Assessments
MYOB Approved Bookkeeper
Units of credit towards Cert IV
Cengage
Quality Training Solutions
Officelink Learning
Bookkeepers
guide to all Cert
IV Bookkeeping
Providers
Register
• It is not possible to register with the board
yet – they don’t exist
• Register with ICB your intention to register
as a BAS Agent.
– We will provide you with updates and then all
the info when it is possible