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
- 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.