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Revised Exposure Draft Tax Agent Services Legislation and Explanatory Materials

Date:

Thursday, 29 May 2008

Content ID:

1370

Abstract:

The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has released for public consultation an exposure draft Tax Agent Services Bill, key consequential and transitional provisions, associated draft Regulations and relevant explanatory materials.

The key elements of the regulatory reforms encapsulated in this package are:

  • a national Tax Practitioners Board (Board) to replace the existing state based Boards;
  • registration and regulation of entities providing Business Activity Statement (BAS) services as BAS agents;
  • a legislated Code of Professional Conduct to govern tax agents and BAS agents;
  • a wider and more flexible range of disciplinary sanctions which may be imposed by the Board;
  • civil penalties and injunctions to replace criminal penalties for certain misconduct by agents and unregistered entities; and
  • ‘safe harbours’ which provide that, in certain circumstances, taxpayers who engage a tax agent or a BAS agent are not liable to certain administrative penalties that would otherwise ordinarily apply for making a false or misleading statement resulting in a tax shortfall amount, or for lodging a document late.

Minister Bowen’s press release outlines the key changes made to the draft materials since a first round of public consultation in mid-2007.

Interested parties are invited to provide written comments on the exposure draft package.

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: Friday, 27 June 2008

Address written submissions to:

The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Fax: 02 6263 4466

Email: taxagentservices@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft Tax Agent Services Bill 2008  218.34kb
Exposure Draft Tax Agent Services (Consequential and Transitional Provisions) Bill 2008  40.71kb
Exposure Draft Tax Agent Services Regulations 2008  64.44kb
Exposure Draft Explanatory Material for Tax Agent Services Bills  398.29kb
Exposure Draft Explanatory Statement for Tax Agent Services Regulations  49.18kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft Tax Agent Services Bill 2008  566.96kb
Exposure Draft Tax Agent Services (Consequential and Transitional Provisions) Bill 2008  156.95kb
Exposure Draft Tax Agent Services Regulations 2008  402.61kb
Exposure Draft Explanatory Material for Tax Agent Services Bills  551.00kb
Exposure Draft Explanatory Statement for Tax Agent Services Regulations  145.91kb

Related Items:

Submissions: Revised Exposure Draft Tax Agent Services Legislation and Explanatory Materials - 18/07/2008

Treasury received 45 submissions in response to the Revised Exposure Draft Tax Agent Services Legislation and Explanatory Materials. Twenty-four of these are public submissions and 21 are confidential submissions. The submissions that do not contain confidential material are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

Exposure Draft Tax Agent Services Bill, Related Regulations and Explanatory Material - 7/05/2007
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