The following are messages and reminders to practitioners which have been received from the Tax Practitioners Board (TPB) during the past month
Renewal processing times
The TPB currently has many new registration applications to process, so practitioners may experience some delays in having their renewal applications processed over the next few months.
However, the TPB provides an assurance that practitioners do not need to be concerned, as they remain registered so long as their renewal application is submitted on time.
The time taken to process a new application or a renewal can vary depending on the individual circumstances of each applicant.
The TPB aims to process all applications (new & Renewal) within 30 days of receiving a complete application
Generally, delays in processing applications occur due to:
- Applicants not providing all the required information with the applications;
- The complexity of business and partnership structures; and
- Issues of fitness and propriety
Average processing times
The TPB’s weighted average processing times for the tax agent registration applications for the last quarter (June 2017) are as follows;
Tax agent new registration 44 Days
Tax agent renewal registration 26 Days
Renew your registration 30 days before it expires
Practitioners must lodge a renewal application at least 30 days before their registration expires (this can be done online)
The TPB will send a reminder email at 60 days and then again at 45 days before the registration expiry date (if a renewal application has not already been lodged by then).
If the renewal application has been submitted on time, the practitioner remains registered until the TPB has decided and notified them of the outcome
Your personal tax affairs
The TPB also reminds registered tax practitioners that they play a significant role in influencing and supporting the tax system and therefore it is a requirement for them to keep their person tax obligations up-to-date including:
- Lodging personal income tax returns or business activity statements on time; and
- Paying tax bills, or coming to an arrangement with the ATO to pay amounts owing.
Maintaining your registration
Practitioners must notify the TPB if any details related to their registration change.
The TPB state that, this tax time, practitioners should log into ‘my profile’ and check:
- Their contact details are up-to-date especially email addresses; and
- They have updated their professional association membership details
Practitioners should also make sure their professional indemnity (PI) insurance coverage is adequate and that they are complying with the continuing professional education (CPE) requirements, with attention to cyber-threats.