Exposure Draft Tax Agent Services Bill, Related Regulations and Explanatory Material

Date:

Content ID:

Abstract:

The Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton MP has released the draft Tax Laws Amendment (Tax Agent Services) Bill 2007 and associated draft Regulations and draft explanatory materials for public exposure.

The draft Bill and Regulations give effect to reforms to the registration and regulation of tax practitioners announced by the Government in Media Release No.014 of 1998 issued by the then Assistant Treasurer, Senator the Hon Rod Kemp, on 6 April 1998 and Media Release No.016 issued by the Hon Peter Dutton MP on 9 May 2006.

The draft Bill and Regulations will improve the framework for the registration and regulation of tax practitioners, which has benefits for both the providers of tax agent services and the consumers of such services. Tax practitioners will benefit from appropriate, but flexible, regulation, while taxpayers utilising the services of tax practitioners will also be afforded greater certainty and protection. Also, the standard and accessibility of services provided by tax practitioners will be enhanced.

The key elements of the exposure draft Bill and Regulations are:

• the establishment of a national Tax Practitioners Board, replacing the existing state-based Boards;
• a legislated Code of Professional Conduct to govern the provision of tax agent services;
• a wider range of disciplinary sanctions which may be imposed by the Board;
• a civil penalty for certain significant misconduct by tax practitioners;
• registration and regulation of persons who meet certain minimum educational and relevant experience requirements, as well as the 'fit and proper' person test, and who are in the business of providing Business Activity Statement (BAS) services, as BAS service providers; and
• a 'safe harbour' for taxpayers from tax shortfall penalties for making false or misleading statements, where a taxpayer demonstrates that they have taken reasonable care by engaging a registered tax practitioner and providing the tax practitioner with all relevant taxation information.

Interested parties are invited to provide written comments on the exposure draft Bill, draft Regulations and draft explanatory material.

Comments will be treated as public and may be placed on Treasury’s website.  Please indicate clearly on your submission if you do not want your comments to be made publicly available.

Submission closing date:  10 August 2007 (note: the Minister for Revenue and the Assistant Treasurer extended the closing date in Media Release No.081 of 2007)

Address written submissions to:

General Manager
Tax System Review Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 3860

Email: taxagentservices@treasury.gov.au

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

Related Items: