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The proposed new tax agent regime paper

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DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 24 May 07 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

After over 14 years in the making, the Government has released proposals for radical and sweeping regulatory reform that will impact on your role as a tax practitioner and those in public practice. Draft legislation was released for public comment on 7 May 2007 that amends the tax laws to establish a new and comprehensive legislative framework for the regulation of the provision of tax services.

Who will be affected?

All practitioners providing tax services will be affected by these new proposals.

How will these changes impact on you?

The proposed new regime:

  • takes a broader view about who is a tax practitioner
  • sets up registration procedures not only for tax agents but also BAS service providers
  • impacts on how you can structure your tax services business
  • creates a Code of Professional Conduct that will regulate the way you provide tax services
  • regulates tax service providers through a wider range of disciplinary sanctions administered by a new national Tax Practitioners Board
  • may provide a safe harbour for your clients from tax shortfall administrative penalties where a registered tax agent or BAS service provider is engaged.
This paper will brief you on the scope of these new measures and how they impact on your business.

Author profile

Prof Gordon Cooper
Gordon was a Chartered Accountant in sole practice at Cooper & Co. He was an Adjunct Professor in the School of Taxation and Business Law (incorporating the Australian School of Taxation) at the University of New South Wales. In June 2003, he was awarded an AM in the Queen’s birthday honours for “Services to the tax profession and to the community as an adviser on national taxation and legislative reform, and through education and professional organisations”. Together with Chris Evans and Kirk Wilson, he was an author of the Australian CGT Handbook. - Current at 27 June 2017
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The proposed new tax agent regime

Author(s):  Gordon S COOPER

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