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09 May 06 New regime for tax practitioners

The Minister for Revenue and Assistant Treasurer, Peter Dutton, announced today that the Government will provide $57.5 million over 4 years for the implementation of a new national legislative framework for tax practitioners.  

The new regime will:

- establish a national Tax Practitioners Board, to replace the existing state Tax Agents Boards;

- create a Code of Practice to govern the provision of tax practitioner services;

- allow a more flexible approach to regulating tax practitioners through a wider range of disciplinary sanctions; and

- provide for a safe harbour from tax shortfall penalties for false and misleading statements for taxpayers where they engage a registered tax agent to prepare their return and take reasonable care to provide that person with all of the information necessary to complete it.  

The new regime will also provide for the registration of Business Activity Statement (BAS) service providers and enable the registration of certain types of tax specialists.

For a copy of the Assistant Treasurer's press release No16, 9 May 2006, go here

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