Tax Practitioners Board releases Exposure Draft entitled Application of item 202 in Schedule 2 of the Tax Agent Services Regulations 2009

The Tax Practitioners Board has released an Exposure Draft (TPB Information sheet TPB(1) D11/2011) entitled Application of item 202 in Schedule 2 of the Tax Agent Services Regulations 2009 and invites comments and submissions in relation to the information contained in it.

The Exposure Draft sets out the preliminary views of the Board in relation to the application of Item 202.

In summary, there are three basic requirements. Applicants must have:

• A relevant degree or a post-graduate award in a discipline other than accountancy
• If the Board considers it relevant to the tax agent services to which the application relates, as many of the following Board approved courses as the Board considers necessary:
  • A course in basic accountancy principles
  • A course in commercial law
  • A course in Australian taxation law
• Been engaged in the equivalent of 12 months of full-time relevant experience in the past five years.

The purpose of this Exposure Draft is to assist existing registered tax agents and new applicants to understand the Board’s approach to the second of these requirements.

The due date for submissions to the Board on the Exposure Draft is 19 December 2011. If you have any comments on the Exposure Draft, please send them to Tax Group by 2 December 2011.

Article last updated 10 February 2012