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

Date:

Monday, 7 May 2007

Content ID:

1218

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) documents

 Acrobat (PDF)

Draft Tax Laws Amendment (Tax Agent Services) Bill 2007  173.34kb
Draft Taxation Administration Amendment Regulations 2007  75.99kb
Draft Income Tax Amendment Regulations 2007  20.81kb
Draft Explanatory Memorandum - Chapter 1 - New legislative regime for tax agent services  31.26kb
Draft Explanatory Memorandum - Chapter 2 - Registration of tax practitioners  128.91kb
Draft Explanatory Memorandum - Chapter 3 - Obligations of registered tax practitioners  113.45kb
Draft Explanatory Memorandum - Chapter 4 - Investigation and enforcement  89.62kb
Draft Explanatory Memorandum - Chapter 5 - The Tax Practitioners Board  62.04kb
Draft Explanatory Memorandum - Chapter 6 - Relief from certain tax shortfall penalties for taxpayers  36.56kb
Explanatory statement  295.26kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Draft Tax Laws Amendment (Tax Agent Services) Bill 2007  762.90kb
Draft Taxation Administration Amendment Regulations 2007  473.31kb
Draft Income Tax Amendment Regulations 2007  327.35kb
Draft Explanatory Memorandum - Chapter 1 - New legislative regime for tax agent services  89.65kb
Draft Explanatory Memorandum - Chapter 2 - Registration of tax practitioners  361.57kb
Draft Explanatory Memorandum - Chapter 3 - Obligations of registered tax practitioners  279.56kb
Draft Explanatory Memorandum - Chapter 4 - Investigation and enforcement  668.66kb
Draft Explanatory Memorandum - Chapter 5 - The Tax Practitioners Board  190.47kb
Draft Explanatory Memorandum - Chapter 6 - Relief from certain tax shortfall penalties for taxpayers  83.26kb
Explanatory statement  108.04kb

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