Strengthening the Tax Practitioners Board's role in protecting consumers of tax services
Chair of the Tax Practitioners Board (TPB), Mr Ian Taylor, welcomes tonight’s Federal Budget announcement to provide the TPB with ongoing additional funding. Mr Taylor said that ‘the additional funding will ensure that the TPB is able to continue to meet its legislative responsibilities and protect consumers of tax services by registering and regulating nearly 80,000 tax agents, business activity statement (BAS) agents and tax (financial) advisers in Australia.’
The Government announced that the additional funding will be offset by an increase in application fees for tax practitioners. The increase across all tax practitioner application fee types better reflects the TPB’s costs to register tax practitioners and applies to those entities that use the TPB’s services. The Government has endorsed the increase in fees outlined below, but the increase in fees remain subject to regulation changes being made before the new application fees can take effect from 1 July 2018.
|Application fees# (payable at least once every three years)||Proposed fee*|
|Registration as a tax agent||$675|
|Registration as a tax (financial) adviser||$540|
|Registration as a BAS agent||$135|
#The application category ‘does not carry on a business’ will no longer exist.
* The proposed application fee increases are expected to be effective from 1 July 2018, with the application fee amounts being subject to an annual consumer price index adjustment from 2019-20 onwards.
About the Tax Practitioners Board:
The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.