The Tax Practitioners Board (TPB) has reminded tax and BAS agents that from 1 July 2015, their professional indemnity (PI) insurance policy must include retroactive cover. Retroactive cover provides insurance for any claims which may arise prior to the start date of the agent’s current policy. The TPB has updated Explanatory Paper TPB(EP) 03/2010 Professional indemnity (PI) insurance (updated 3 October 2014). A summary of the minimum PI insurance requirements for tax and BAS agents is also available on the TPB website.
[LTN 194, 8/10/14]