The Tax Practitioners Board (TPB) has encouraged tax and BAS agents to notify it as soon as possible if they are changing their practice structure. A change in practice structure could include:
- changing from an individual to a partnership
- changing from an individual to a company
- changes to a partnership
- changes to company directors.
If an agent is creating a new business structure they need to register the entity. A new registration application can take some time to process depending on its complexity. So it is important that they notify the TPB now if they want the changes effective for 1 July 2013.