Are BAS agents captured as reporting entities?
On current guidance pure BAS work is not a designated service, but the position changes if the agent also sets up entities, holds client funds, or makes payments on the client's behalf.
On current guidance, pure BAS agent services are not designated services. Lodging BAS returns, processing PAYG, reconciling GST and similar administrative tax work do not "directly advance" one of the transactions listed in Table 6 of the AML/CTF Act..
The position changes if the BAS agent also does work that is a designated service - e.g. setting up companies or trusts, holding client funds or making payments from bank accounts on the client's behalf, or sending funds overseas. In that case, the firm is captured for those services even if BAS work isn't.Related articles
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