Small Business Strategy to chart future course
The NSW government has launched a public consultation on its new Small Business Strategy, which will chart the course...READ MORE
The government has committed more than $20 million over four years to the Tax Practitioners Board that will be subsidised by an increase in tax practitioner registration fees.
In the 2018-19 budget papers, the government said the proposed injection of funds is to help the TPB in “meeting its broadened responsibilities to ensure that tax agent services are provided to the public in accordance with appropriate professional and ethical standards.
The proposed registration fees would be $675 for a tax agent, $540 for a tax (financial) adviser and $135 for a BAS agent.
TPB chair Ian Taylor welcomed the announcement of additional funding from the government.
“The additional funding will ensure that the TPB is able to continue to meet its legislative responsibilities and protect consumers of tax services by registering and regulating nearly 80,000 tax agents, business activity statement agents and tax advisers in Australia,” Mr Taylor said.
The TPB noted the proposed application fee increases are expected to be effective from 1 July 2018.
From 2019-20 onwards, the application fee amounts would be subject to annual consumer price index adjustments.
In March, speaking at the Accounting Business Expo in Sydney, Mr Taylor said the ATO has referred a number of cases concerning agents over-claiming work-related expenses for their clients to the TPB in recent times, adding that guilty agents will face sanctions from the TPB following an investigation.
Further, Mr Taylor said the TPB may issue a written caution, issue an order, suspend a registration, or terminate a registration, for failure to comply with the Code of Professional Conduct.