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Issue 55 | June 2021 | General edition
TPB News
Bon voyage Jim
On 16 May TPB Board member, Jim Hawson, tendered his resignation from his Board position. Jim plans to spend the next six months pursuing his dream of travelling throughout Australia. We wish him well in his future endeavours and thank him for his contribution to the Board and maintaining the integrity of the tax profession. The Minister for Housing and Assistant Treasurer, the Hon Michael Sukkar MP, will announce a suitable candidate to replace Jim on the Board in due course.
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COVID-19 support extended

Due to the ongoing impacts of COVID-19 we’ve extended some of our temporary concessions to 31 December to help you to meet your obligations with us. This includes the exemption to complete annual declarations and our relaxed approach to our continuing professional education (CPE) requirements. We will also continue to consider alternative assessment arrangements on a case by case basis for Board approved courses. 

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We want to hear from you on supervisory arrangements

We invite your feedback on our draft guidance on your supervisory arrangement requirements under the Tax Agent Services Act 2009. The guidance includes relevant factors to consider to ensure company and partnership entities have a sufficient number of individuals registered. It also includes relevant considerations to determine whether adequate supervision and control exists. You can send your submissions through until 28 June. We’ll consider all submissions received before finalising our position. 

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Are your PI insurance details up to date?

While you’re not currently required to complete your annual declaration due to COVID-19 concessions, it’s important that you continue to keep your professional indemnity (PI) insurance details up to date. Don’t forget to do this for yourself and any of your associated entities. Simply login to your My Profile account within 14 days of the change to update your details. If you need further assistance, our step-by-step video will guide you through the process.

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Listen out for our tax time 2021 radio campaign

Each year we run an advertising campaign during tax time to encourage people to make sure their tax practitioner is registered. This year’s online campaign will run during June and July. Why not share our webpage and image on your social channels to spread the message! We’re also running a radio campaign to reach a wider audience. The ads will remind listeners of the risks of dealing with an unregistered practitioner. They’ll air across various stations in Sydney, Melbourne and Brisbane.

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It may be time to start browsing for a new internet browser

From 17 August, Internet Explorer 11 will no longer be supported for tax practitioner online services, including our website. We’ll also remove support for older versions of Internet Explorer at this time. If you don’t use Internet Explorer, no action is required. However, if you still use this browser, you will need to use an alternative, such as Google Chrome, Microsoft Edge or Safari. To get the best user experience, and to stay cyber safe, it’s important to ensure your chosen browser is updated regularly.

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Policy update

Consumer price index fee adjustment from 1 July 2021

The fee to register or renew as a tax practitioner is subject to a consumer price index adjustment on 1 July each year. There’ll be a minimal increase this year, but if you pay by 10pm (AEST) 30 June the fee will be based on the existing price. Applications paid and submitted after this time will be based on the increased fee. You can apply to renew your registration at least 30 days, but not more than 90 days, before it expires via  My Profile.

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Practice management tips

Join our upcoming webinars and claim free CPE 

Join us tomorrow for two free webinars. Our Director of Policy and Legislation, Janette Luu will present Policy news. This session will provide the latest information on the new policy guidance developed to assist you in meeting your obligations. Board member, Greg Lewis will be joined by the Australian Taxation Office (ATO) to discuss Proof of identify (POI) requirements. Here you will learn about your POI requirements as a tax practitioner and about our practice note.

Register now

Tips to get ahead of the game this tax time

With tax time just around the corner here are some helpful things you can do now to make this tax time as easy as possible:

  • update your client list with the ATO
  • check your client due dates
  • review engagement letters
  • reassess your cyber security needs
  • download and display your tax practitioner symbol.

You may also like to watch our Tax time tips webinar to learn what’s new, ways you can prepare and the risk areas the ATO and TPB will be focusing on.

Watch our webinar

Pass on refunds to your clients promptly

This tax time it’s important to know that any refund monies you receive on behalf of a client should be passed on to the client within two weeks, unless there are exceptional circumstances or an agreement between the agent and client specifying other payment arrangements. Watch our webinar to learn about your obligations under Code item 3 when dealing with client money and when you have the right to hold money or property as security for a debt.

Watch our webinar

Help to navigate Online services for agents

The ATO has developed a new series of instructional videos to help you navigate Online services for agents (OSfA).  If you are new to using OSfA, or need a refresher, these short, easy to follow videos are a great way to get up to speed. To view the first four videos in the series, visit the ATO website. If you find these videos useful, don’t forget to share them with your colleagues.

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Compliance

COVID stimulus abuse leads to termination

The registration of Maricar Santos Rosauro has been terminated after she engaged in serious misconduct involving multiple breaches of the Code of Professional Conduct and was no longer fit and proper. The introduction of the COVID stimulus measures presented a difficult time for tax practitioners, however this fraudulent behaviour will be met with sanctions to ensure the tax system and public are protected. We have 99 active COVID compliance cases under investigation, with conduct ranging from error or incompetence, to reckless or fraudulent claims.

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Multiple Code breaches lead to termination 

We terminated a tax agent’s registration after it was found they had breached multiple code items and were no longer a fit and proper person. The company the agent was the sole director for also had their registration cancelled as they no longer met the registration requirement that all directors be fit and proper. In making their decision the Board Conduct Committee noted their role to ensure consumer protection and to maintain the integrity of the registered tax practitioner profession. 

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About the Tax Practitioners Board
The Tax Practitioners Board (TPB) was established to regulate tax practitioners in order to protect consumers. The TPB assures the community that tax practitioners meet the appropriate standards of professional and ethical conduct.
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Tax Practitioners Board · GPO Box 1620 · Sydney, NSW 2001 · Australia