As of 30 June 2013, the Tax Agent Services Act 2009 (TASA) has been amended. What parts of the legislation have been amended and how does this affect BAS/Tax Agents? There are 5 main areas of the TASA 2009 legislation that have changed. These areas include:
- Professional Indemnity Insurance: in order to renew registration or register for the first time, all BAS/Tax Agents must maintain PI insurance that is approved by the Tax Practitioners Board (TPB).
- Continuing Professional Education: all BAS/Tax Agents renewing their registration will have to undertake CPE that meets the TPB’s requirements.
- Definition of a BAS Service: The TPB now has the power to declare certain services as BAS Services (this is definitely a plus for BAS Agents!)
- Information Sharing: The TPB used to be limited regarding the type/amount of information it could share with the ATO. Not anymore! The TPB is now able to disclose information to the ATO for the purpose of administering taxation laws. What does this mean? Well, think about it! There are loads of taxation laws so the amount/type of information needed to protect these laws is probably limitless – shall we say, the sky’s the limit!
- Change in Contact Details: Registered agents MUST advise the TPB in WRITING about any changes in business address, email address or other contact details relevant to their registration.
Most of these changes are just par for the course as far as I can see, but I am excited about the ability of the TPB to name various financial services as BAS services – more BAS services mean more services we can offer our clients which is a win-win for all!
PS – for more information about the TASA 2009 legislation, read our blog here.