The Tax Practitioners Board (TPB) has introduced some transitional arrangements to the requirements for a Board approved course in commercial law for new and renewal tax agent applications lodged between 1 March 2013 and 30 June 2014. The transitional changes only apply to Items 203 and 205 in Sch 2 to the Tax Agent Services Regulations 2009 (TASR).

The Board says it has reduced the requirements for a Board approved course in commercial law from 3 units to 2 units for applications made between 1 March 2013 and 30 June 2014 under Items 203 and 205 in Sch 2 to the TASR. It said the 2 units should cover most of the following “core commercial law areas” to a significant extent: Australian legal systems and processes; Contracts; The law of entities (including partnerships, corporations and trusts) and business structures; and Property law. A list of approved “core” commercial law subjects is available on the TPB website.

From 1 July 2014, the requirements for a Board approved course in commercial law under Items 203 and 205 in Sch 2 to the TASR will change back to 3 units. This 3 unit requirement will apply to all new and renewal applications made from 1 July 2014.

[LTN 175, 10/9/13]