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While new ATO and TPB rules for BAS Agents to check client identity bring greater burden to bookkeepers, the trade-off is greater protection against increasing risk of tax fraud.
The 1 July 2023 ATO and TPB introduction of stricter client Proof-Of-Identity (POI) rules insists BAS Agents do more to verify new and existing clients’ ID in the effort to stamp out rising tax fraud.
What is needed:
Now Tax and BAS Agents are required to insist on seeing a photographic ID document proving an individual clients’ name, address, and date of birth or two types of government-backed non-photographic ID documents.
When it’s needed:
Guidelines recommend every new client is verified in this way in the onboarding stage of engagement, while existing clients’ IDs should be verified over time as part of the periodical reviews done around refining the scope of service delivery.
What happens if this is not done:
While the Agent doesn’t report on this process to the ATO and TPB, when fraud is detected and the Agent is found to not have complied with this process, penalties are now severe. It may result in their Online Services for Agents link being suspended or terminated, or loss of licence.
ABN insights into this change:
With tax fraud estimated to cost the Australian economy around $12.4 billion annually, Australian Bookkeepers Network (ABN) considers the TPB and ATO’s extra requirements appropriate. ABN Director, Kelvin Deer, said bookkeepers can be more protected against the greater fraud risks that leave bookkeepers vulnerable to inadvertently enabling lawless financial dealings.
“This is a good thing for bookkeepers who can better protect the credibility and viability of their business,” said Kelvin.
“If it’s not done it can come at a big cost to the Agent who for one bad client can lose access to their entire online services platform, but the risk on the whole tax system is a lot greater,” said Kelvin. “The ATO and TPB is trying to stamp this out.”
“It’s not the imposition many might think as it’s a natural fit to include this step into the onboarding process for new clients.”
“It might get annoying for existing clients, but the identification process for this group can be done over time and treated as part of your standard re-engagement each year.”
Our partner Annature has a great article on how they can help with the new POI rules.
For more information on the new ID check requirements, visit: ATO’s Agent Client Verification Methods and the TPB Proof of Identity Requirements.
