New QMS Regulations:
What BAS Agents & Bookkeepers Need to Know
The new Quality Management Standards (QMS) regulations in Australia are set to shake up the way BAS agents and bookkeepers handle their compliance and risk management. If you provide BAS agent services, these changes will directly impact how you manage your practice and ensure compliance. My CPE is here to help you decipher and navigate these changes through providing you with information, education and products to support your business.
So, what’s changing?
The new QMS regulations mandate a proactive, risk-based approach to quality management. Unlike previous compliance checklists, businesses must now identify, assess, and mitigate risks specific to their services. If your business provides non-assurance services, revised APES 320 also requires a tailored System of Quality Management (QMS) to ensure professional integrity. It’s a new requirement that expands the existing code under Code Item 17.
It’s mandatory, not optional.
This requirement applies to large firms with more than 100 employees from the 1st of January, while smaller firms – including many BAS agent firms – must comply by the 1st of July 2025. Implementing the QMS requirement is part of a broader set of professional ethical obligations, ensuring compliance with the Tax Agent Services Act, proper disclosures to clients, managing false and misleading statements, and ultimately, ensuring competent provision of services.
The Regulatory Framework
If you’re unfamiliar with the regulatory framework, it all stems from the Tax Agent Services Act 2009, flowing through the Code of Professional Conduct, and ultimately being enforced via Section 40 of the Tax Agent Services Code of Professional Conduct Determination. This section mandates the obligation to establish and maintain a quality management system for BAS agents and bookkeepers. Your QMS should be designed to provide confidence that you are meeting your professional conduct obligations and ensuring the accuracy of financial records. Additional details are available here https://www.tpb.gov.au/code-determination-background-and-context
(MY CPE HIGHLIGHTING THE FRAMEWORK FOR QMS MANAGEMENT)
The Documentation Requirement The QMS must be a documented system of policies and procedures that will be enforced. This aligns with TPB requirements and the standards issued by the Australian Professional and Ethical Standards Board (APESB), ensuring appropriate quality management processes.
What Can Businesses Do Now to Prepare for the QMS?
- Assess your current quality management system to identify gaps and opportunities for growth and business development through this time.
- Train your team on the new compliance expectations. Enrolling in My CPE offerings here can help build the confidence and understanding of these new mandates for your entire team.
- Invest and research in digital solutions that streamline risk assessment and monitoring. Really consider the adaptability of your solutions to what your business needs. Big and small BAS agents and bookkeepers will require different levels of risk mitigation and reporting.
Seek expert advice to ensure full compliance with the new regulations. My CPE are here to support you and your goals within this evolving industry. Ensure you are receiving the educational support you need to make the most out of these changes.
Summary of Impact on BAS Agents
- Increased Compliance Costs – Setting up a structured quality management system requires resources, training, and potential software investments.
- Greater Accountability – You must document and monitor risk assessment processes to ensure ongoing compliance with evolving standards.
- Competitive Advantage – BAS agents and bookkeepers who adopt these changes early can demonstrate professionalism and attract more clients looking for compliant and high-quality services.
- Operational Overhaul – From client documentation to internal risk management, every bookkeeping and BAS service provider must rethink their processes to ensure they align with the new regulations.
While these new QMS regulations may feel like a challenge, My CPE can also see the upcoming opportunity to streamline processes, both maintain and increase service quality and build client trust. Adapting early will not only keep you compliant but also give your business a competitive edge in this rapidly evolving market.
Need help navigating the changes? My CPE is here to help with our products and industry updates for QMS. You can learn more about the upcoming changes by listening to Sonya, CEO of My CPE on our recent webinar, available here.
Decoding the Code: QMS, Disclosures and Mandatory Reporting
This course is ideal for registered practitioners who wish to understand the new Code obligations, including the new QMS, Disclosure, and Mandatory Breach Reporting requirements.
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