One of the last pieces of the tax industry's consumer protection jigsaw has been put into place with the Tax Practitioners Board's accreditation of Australian taxation law courses under uniform Federal reforms.
The Board has announced that The Tax Institute's Diploma of Australian Taxation Law was approved as a recognised tertiary course under the Tax Agent Services Regime (TASR.
The Diploma provides tax practitioners with a combination of formal and practical education. It follows changes that created uniform national standards for registration as a tax agent and professional development.
"The new TASR education requirements are the biggest advances in financial services education since the Financial Services Regulation Act in 2001," said The Tax Institute CEO Noel Rowland.
"Since the introduction of TASR, the Board has been interpreting levels of education, skills, experience and qualifications as well as requirements for ongoing compliance and professional development to be a registered tax agent."
Mr Rowland said the Diploma is a purpose-built course with flexible entry and exit points. It is awarded after successful completion of the Certificate in Foundation Tax and the Certificate in Applied Tax.
Mr Rowland said the new standards affect professionals providing tax agent services including existing tax agents who need to re-register. Many practitioners required to register as tax agents may not satisfy these education requirements and will require further tax law education. These include existing tax agents who need to re-register and those providing specialist tax agent services.
"With this endorsement by the Tax Practitioners Board, the Diploma will provide the education and support needed to close the gap in knowledge of taxation law to practice as a tax agent and to increase the skills of the profession generally," Mr Rowland said.
The Tax Institute is the country's leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia. The Tax Institute supports the tax profession and its members by holding more than 350 tax events each year. It conducts educational courses, develops publications, maintains an online information resource and provides a comprehensive tax library and research service. It works to continually improve tax law and its administration.
For more information contact: Anna Mirzayan, General Manager Marketing, The Tax Institute, T: 02 8223 0011, or Craig Regan, Lighthouse Communications, T: 02 9692 8811, M: 0408 448 527.