In a message from the Chair of the Tax Practitioners Board, Dale Boucher, dated 13 September 2011, Mr Boucher said that unregistered preparers, BAS agent renewals, finalising information sheets and exposure drafts have been a recent focus of the Board. The Board has also commenced posting out PI insurance notification reminders to those who have yet to notify the Board.
In particular, Mr Boucher said that:
- the Board can seek to have civil penalties imposed by the Federal Court on unregistered agents. The civil penalties that can be imposed are up to $27,500 for an individual and up to $137,000 for bodies corporate, per offence
- there are approximately 13,000 BAS agents who will need to renew their registration before 29 January 2012
- there is a group of agents who have yet to notify the Board of their PI insurance cover. Accordingly the Board will soon be reminding these agents that they are required to do this. If they fail to notify within a reasonable period the Board will consider taking Code of Conduct action against all of those who do not do so, without good reason
- The Tax Institute has had its course in Australian taxation law recently approved by the Board.