01 Mar 10 Agents to have Professional Indemnity Insurance from 1 July 2011
In a media release issued on 25 February 2010, the Chair of the Tax Practitioners Board, Dale Boucher, announced that from 1 July 2011, registered BAS and tax agents will need to have professional indemnity insurance coverage.
"The Board recognises professional indemnity insurance as an important and sensitive matter for agents. It is also an important protection for consumers. As such, the Board has made this one of its priority areas for consideration. While the Board has yet to undertake detailed research and consultations with stakeholders, the overall case for setting an insurance requirement is clear. The Board wants to give stakeholders as much notice as possible that coverage will be required from 1 July 2011. This will be a general requirement that will not apply until then and it is likely to be subject to exceptions," Mr Boucher said.