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03 Jun 2021 Tax Practitioners Board

TPB releases draft guidance about supervisory arrangements requirements

The Tax Practitioners Board (TPB) has released draft guidance TPB(I) D46/2021 Supervisory arrangements under the Tax Agent Services Act 2009 and invite your feedback.

The guidance includes relevant factors that can be considered to ensure company and partnership entities have a sufficient number of individuals registered to meet the sufficient number requirement.

Part of the guidance also includes the requirement to obtain the prior informed written consent from registered individual tax practitioner/s forming the sufficient number. This will help ensure the nominated individual/s is aware of their appointment as a supervising tax practitioner and understands their responsibilities.

This draft guidance is open for consultation until 28 June 2021.

More information on TPB(I) D46/2021, as well as how you can provide comments, can be found here.

Tax agent, BAS agent and tax (financial) adviser application fees – CPI adjustment

The application fee to register or renew as a tax agent, BAS agent or tax (financial) adviser is subject to a consumer price index (CPI) adjustment on 1 July each year.

The application fees are:

Practitioner type

Application fee up to 30 June 2021

Application fee from 1 July 2021

Tax agent

$700

$704

Tax (financial) adviser

$560

$563

BAS agent

$140

$141

 

More information on registering or renewing with the TPB can be found here.

AAT upholds TPB’s decision to reject applications for BAS agent registration

The Administrative Appeals Tribunal (AAT) recently dismissed an application for review on the grounds that the applicant’s case had no reasonable prospects of success.

A committee of the Tax Practitioners Board (TPB) rejected the applicant’s original application for BAS agent registration as they had not completed and been awarded the education qualification required under section 101 of the Tax Agent Services Regulations 2009 (TASR) for BAS agent registration. There was no dispute that the applicant satisfied all the other requirements for their BAS agent registration.

When applying for registration with the TPB, the applicant relied on their yet to be completed Bachelor of Accounting degree to satisfy the educational qualification requirement under section 101 of the TASR. The applicant only had one more subject left to complete and was of the view the subjects completed thus far in her Bachelor of Accounting degree were equivalent to or higher than a Certificate IV qualification.

Read about the AAT’s decision here.

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