New regime for tax agents
Tax specialists who were previously precluded from applying to be tax agents will now be able to do so under the new tax agents services regime that comes into effect this month. However, they will only be able to do so within their area of expertise.
Commenting on the new regime, National Institute of Accountants chief executive Andrew Conway said it was the start of a new era for the tax practitioner community.
“The tax agent services regime for the first time recognises the important role that bookkeepers play,” he said.
“Bookkeepers who provide [Business Activity Statement] services will be required to register under the new regime and comply with the same national uniform code of professional conduct that applies to tax agents.”
He said the new rules would also give consumers more protection when dealing with tax practitioners.
The new regime will be overseen by the Tax Practitioner’s Board.
AUTHOR
Mike Taylor
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
