Tax Practitioners Board 2016
Tax Practitioners Board 2016
In its latest newsletter, the Tax Practitioners Board (TPB) notes that with the addition of over 17,000 tax (financial) advisers, the number of tax practitioners registered by the TPB has increased to around 73,000 this year.
From 1 January 2016, it will be reviewing and processing new applications for tax (financial) advisers to ensure they meet the qualification and experience requirements.
At the same time, it is developing more policy guidance for tax (financial) advisers to assist them in understanding their obligations as registered tax practitioners.
Annual declaration
The annual declaration is a new initiative from 1 January 2016 where registered tax and BAS agents are required in each year, other than the renewal year, to verify they meet ongoing registration requirements.
The TPB will advise practitioners when they need to complete the annual declaration.
It advises that the annual declaration is a simple form that replaces the professional indemnity insurance notification form agents previously needed to complete each year.
The annual declaration will include details on:
- Maintaining professional indemnity insurance;
- undertaking continuing professional education;
- meeting their personal tax obligations;
- fit and proper requirements; and
- any changes in registration details or circumstances.
Continuing professional education
The TPB does not accredit or approve continuing professional education (CPE) activities and relies on tax practitioners to assess what is right for themselves.
Ref: TPB eNews, Issues 13- December 2015
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