In media release issued on 5 July 2012, the Tax Practitioners Board (TPB) noted that the AAT recently affirmed the TPB's decision to require a registered tax agent to maintain Professional Indemnity (PI) insurance cover.
The AAT noted that the TPB has adopted a policy that as from 1 July 2011, all registered tax and BAS agents are required to maintain PI insurance, unless exempted.
Chair of the TPB, Dale Boucher said “A registered tax or BAS agent may breach the Code of Professional Conduct if they fail to maintain PI insurance cover in accordance with the TPB’s requirements.”
With the commencement of the 2012/2013 financial year, many PI insurance policies will be coming up for renewal. All registered tax and BAS agents must ensure they meet the TPB’s PI insurance requirements and notify the TPB of their latest PI insurance cover arrangements.