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27 Aug 10 Tax Practitioners Board

Tax Counsel Deepti Paton ATIA represented the Taxation Institute at the Tax Practitioners Board Consultative Forum on Tuesday, 24 August 2010.

At the meeting, the Board noted that tax or BAS agents that are eligible to register under the transitional provisions should get their applications in by the deadline of 31 August 2010. The Board also noted that its members are aware of the existing backlog in processing the large numbers of applications received and have secured additional resources to resolve the issue. In order to minimise delays, applicants should ensure their applications are made on the basis of the appropriate option (for e.g. applicants eligible to register under the transitional provisions should use this option). The Board is working with the ATO to iron out any problems resulting from the delay, such as problems with access to the ATO Tax Agent's Portal. Specific inquiries or issues may be directed to the Board in the first instance. The Institute's membership email membership@taxinstitute.com.au may also be able to assist Tax Institute members with initial information in certain circumstances before referring on to the Board.

The Board noted that coverage issues (such as the proposed exemption from the regime in relation to financial planners) are a matter for resolution by the incoming Government.

The Forum also discussed educational requirements, requirements as to professional indemnity insurance, conditions that may be placed on specialist or conditional registrations and ways in which the professional associations and the Board may work together to achieve as smooth a transition to the new regime as possible.

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