Issue 55 | June 2021 | Tax (financial) adviser 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.
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.
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We invite your feedback on our draft guidance on your supervisory arrangement requirements under the Tax Agent Services Act 2009.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.
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.
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.
The consultation process has now been completed on the draft Bill which expands the role of the Financial Services and Credit Panel within ASIC to operate as the single disciplinary body for financial advisers. As part of the Government’s reforms we are continuing to work closely with Government, Treasury and other agencies to reduce red tape and support tax (financial) advisers through any transitional arrangement.
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.
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.
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.
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.
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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