The Tax Practitioners Board (TPB) has reminded newly registered tax and BAS agents that they must advise the Board of how they meet the Board’s PI insurance requirements within 14 days of receiving notification of their registration. The Board’s view of PI insurance requirements are set out in explanatory paper TPB(EP) 03/2010. The Board also reminded all registered agents that they must also advise the Board whenever there is a change in their policy or cover, including each and every time the policy is renewed. The Board says agents must advise the Board even if they do not charge a fee or receive a reward. Information on how to advise the Board of PI insurance arrangements is available on the TPB website.

[LTN 4, 8/1/14]