This Wednesday 28 September, Tax Counsel Deepti Paton ATIA attended a meeting of the Tax Practitioners Board Consultative Forum. At this meeting, participants discussed a number of issues, including:
- The Tax Practitioners Board (TPB)'s involvement in consultations on the regulation of financial planners. The TPB has been consulting with Treasury, ASIC and other organisations in relation to the development of a model for the regulation of financial planners that provide tax advice including in relation to the education requirements that may be imposed and the scope of tax services that may be provided by such financial planners.
- The launch of the TPB's registration renewal strategy for BAS agents and the development of the TPB's renewal strategy for tax agents. The TPB will be offering extended registration periods for agents who renew early in order to encourage timely registration renewals.
- The TPB's Exposure Draft in relation to Continuing Professional Education. The TPB will be taking comments provided by a number of organisations (including The Tax Institute) into account in finalising this exposure draft.
- The requirement for practitioners to hold professional indemnity insurance. The Chair noted that over 10,000 agents are yet to notify the TPB that they are covered by professional indemnity insurance. The Chair noted that the TPB was aware of technical issues faced by agents in relation to the notification process, and would consider each breach of the requirement to notify in light of the agent's circumstances. Nonetheless agents who have not made any attempt to notify the TPB may face sanctions and are therefore encouraged to notify the TPB as soon as possible, including via email or by telephone if appropriate.
- The TPB will be publishing its work program in relation to the issue of guidance on practice management issues in due course. Topics on the TPB's list include the Code of Conduct requirement to take reasonable care in ascertaining a client's state of affairs, the duty to manage conflicts of interest and the duty to account for money or property held on trust.
Members who would like further information in relation to the above are encouraged to contact us at TaxPolicy.