The TPB has now registered a legislative instrument to allow BAS agents to provide certain services in relation to the government’s COVID-19 stimulus measures.
BAS agents can now legally support Australian businesses by ascertaining and advising about their entitlements and liabilities under the $1,500 per fortnight JobKeeper payment and the up to $100,000 cash-flow support for business initiative.
Specifically, the legislative instrument declares services under the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 and the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 to be a BAS service.
The extension of services comes after the TPB moved to allow BAS agents to provide additional services related to the superannuation guarantee amnesty.
It comes after the enactment of the SG amnesty, now set to run until 7 September, giving employers a one-off chance to disclose any unpaid SGC without incurring the administration component or Part 7 penalty, and being able to claim a tax deduction for the amount paid.
The Tax Office has since confirmed that it cannot change the deadline for the SG amnesty, despite concerns that businesses will be unable to come forward because of the downturn caused by the coronavirus pandemic.
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Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.