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11 Sep 13 Transitional commercial law requirements for tax agents

The Tax Practitioners Board (the Board) advises that it has introduced some transitional arrangements to the requirements for a Board approved course in commercial law for new and renewal tax agent applications lodged between 1 March 2013 and 30 June 2014. For such applications, it has reduced the requirements under Items 203 and 205 in Schedule 2 to the Tax Agent Services Regulations 2009 (TASR) for a Board approved course in commercial law from three units to two units.

The two units should cover most of the following "core commercial law areas" to a significant extent:

  • Australian legal systems and processes
  • Contracts
  • The law of entities (including partnerships, corporations and trusts) and business structures
  • Property law.

A list of approved "core" commercial law subjects can be found in the Board's Tax agent qualifications list.

From 1 July 2014, the requirements for a Board approved course in commercial law under Items 203 and 205 in Schedule 2 to the TASR will change back to three units. This three unit requirement will apply to all new and renewal applications made from 1 July 2014.

 


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