Registered agents have an obligation to have PI insurance cover. The Tax Practitioners Board has reminded them that they must tell the Board the details of their cover from year to year. Many PI insurance policies may be expiring at the end of the financial year. All registered tax and BAS agents who have not done so should ensure that they notify the Board of their latest PI insurance cover arrangements.
Board Chairman Dale Boucher also said the Board continues to encourage all agents to use engagement letters when providing tax agent or BAS services to a client. An engagement letter should set out the rights and obligations of both the agent and the client in relation to the work that the agent is engaged to do.
Source: TPB Chairman’s message, 6 July 2012
[LTN 130, 9/7]