Tax and BAS agent services

Key Points

• The new Tax Agent Services Regime will impact on members as a consequence of the introduction of a new, national, independent regulatory regime for tax agent services
• This involves the removal of the concept of a tax agent nominee and the introduction of BAS agent registration

Strategies of the TPB:

During the period to 2012 these include:

• Establishing a new, independent tax practitioners board that will replace existing state-based boards and then introduce a consistent regulatory framework
• Broadening the regulatory framework across the tax industry, bringing in BAS Agents and other restricted service providers
• Providing a code of conduct that clearly provides high standards and expectations for professionals providing tax agent services. This will reduce uncertainty and risks for consumers
• Applying consistent sanctions for those who deliberately do not comply with the law, including civil penalties and injunctions
• Providing safe harbour provisions to taxpayers from certain administrative penalties in certain circumstances.

Tax agent nominees

The concept of a tax agent nominee was removed under TASR. The TPB has confirmed that existing nominees have transitioned to become registered tax agents.

Where the circumstances of an individual Chartered Accountant who was a former tax agent nominee have not otherwise changed, that member’s requirement to hold a Certificate of Public Practice with the Institute has also not changed.

An explanatory communication and case studies were issued to members.

BAS agent registration

For members undertaking services as a registered BAS agent, review your requirement to hold a Certificate for Public Practice using the Do I need a CPP? web tool.

Article last updated 11 January 2011