Certain tax agents will be notified by the Tax Practitioners Board (TPB) of recent changes to the transitional registration rules.
On 14 December 2012, the Government announced that it would permanently extend existing transitional rules for certain tax agents who became registered by the Tax Practitioners Board before 1 September 2010. A limited number of tax agents who became registered under the previous tax agent registration provisions in the ITAA 1936 were not required to have completed a course in commercial law when they first registered. The tax agents concerned were those registered tax agents and former nominees of agents who were previously registered by a State Tax Agents’ Board through regs 156(4) and (5) of the Income Tax Regulations 1936.
The Board has now advised that it will notify affected tax agents directly of the recent changes to the transitional rules. The Board also announced that from 1 March 2013, any other individuals applying for registration or renewal under the Tax Agent Services Act 2009 may still, depending on which eligibility item they apply under, need to show they have completed a Board approved course in commercial law. The Board said it is working with Treasury to assist with making the necessary legislative amendments to achieve this result.
Source: TPB media release, 21 January 2013
[LTN 14, 22/1/13]