Maintaining your registration
Although our COVID-19 concession exempts you from lodging your annual declaration if it’s due on or before 31 December 2020, you are still required to meet the ongoing obligations to maintain your tax agent, BAS agent or tax (financial) adviser registration. You still need to:
- maintain professional indemnity (PI) insurance
- undertake continuing professional education (CPE)
- satisfy fit and proper requirements
- comply with the Code of Professional Conduct (Code), including maintaining your personal tax obligations.
Professional indemnity insurance
You must continue to maintain PI insurance that meets our requirements during your period of registration. If you don’t, you are breaching Code item 13. If your PI insurance details change, for example you have a new insurance provider, you must notify us of these updated details by logging into My Profile and updating your PI insurance details.
Continuing professional education
You are still required to meet our CPE requirements. This will assist you to maintain the knowledge and skills relevant to the tax agent, BAS agent or tax (financial) advice services you provide, which is one of your obligations under the Code.
Our CPE policy requires that no more than 25% of CPE should be undertaken through relevant technical/professional reading. However, as a result of COVID-19 impacts, we have temporarily removed this 25% cap until 31 December 2020. You should however, first and foremost, explore and undertake online CPE offerings.
Also, as a result of COVID-19, we are temporarily accepting a small amount of educative health and wellbeing activities undertaken until 31 December 2020. This is because we understand that it’s important to manage your health and wellbeing during this stressful time. Activities can include attending webinars about how to manage stress and self-care.
However, the vast majority of your CPE activities must still be relevant to services you provide that maintain, develop or promote your skills, knowledge or attributes.
Fit and proper
You must continue to satisfy the fit and proper person requirement. This means you must be of good fame, integrity and character and during the previous five years you haven’t:
- been convicted of a serious taxation offence
- been convicted of an offence involving fraud or dishonesty
- been penalised for being a promoter of a tax exploitation scheme
- been penalised for implementing a scheme that has been promoted based on conformity with a product ruling in a way that is materially different from that described in the product ruling
- had the status of an undischarged bankrupt
- been sentenced to a term of imprisonment, or served a term of imprisonment in whole or in part.
Comply with the Code of Professional Conduct
You must comply with the Code. This includes maintaining your personal tax obligations. Code item 2 requires you to comply with the tax laws in the conduct of your personal tax affairs. This means you must make sure you (and your related entities):
- lodge your personal income tax returns on time
- lodge your instalment or business activity statements on time
- pay your tax bill or have a payment arrangement in place with the Australian Taxation Office.
- Maintain your registration as a tax agent
- Maintain your registration as a BAS agent
- Maintain your registration as a tax (financial) adviser
Last modified: 16 September 2020