Home       What's New?       Corporate       Business       Published Information       Ministers       Related Websites

Exposure Draft Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009 and Explanatory Material

Date:

Thursday, 12 February 2009

Content ID:

1473

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 (Transitional Provisions and Consequential Amendments) Bill 2009 and associated explanatory material.

The exposure draft package complements the Tax Agent Services Bill 2008 introduced into Parliament on 13 November 2008 and forms part of the tax agent services legislative package. This package proposes a new regulatory regime to ensure that tax agent services provided to the public for a fee are provided in accordance with appropriate professional and ethical standards.

The key elements of this exposure draft Bill include:

  • transitional arrangements to allow tax agents and nominees registered under the current law to transition smoothly into the new regulatory regime, and similarly allow certain entities to be taken as registered Business Activity Statement (BAS) agents under the new regime;
  • amendments to introduce two ‘safe harbour’ provisions, which constitute key features of the new regulatory regime. The safe harbour provisions exempt taxpayers who engage an agent from liability for an administrative penalty for certain mistakes and omissions where the error is solely due to the agent’s lack of reasonable care; and
  • consequential amendments to existing legislation that will be necessary upon the enactment of the Tax Agent Services Bill 2008, for example the repeal of the existing law relating to the registration of tax agents.

Interested parties are invited to comment on the exposure draft Bill and explanatory material. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please email responses in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Thursday, 26 March 2009

Address written submissions to:
General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email: taxagentservices@treasury.gov.au

Facsimile: (02) 6263 4466

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009  81.11kb
Explanatory Material  226.55kb
Consultation Summary  37.38kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009  249.67kb
Explanatory Material  488.90kb
Consultation Summary  851.38kb

Related Items:

Submissions: Exposure Draft Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009 - 3/04/2009
The abstract for this content item contains formatting that cannot be displayed in this list. Please follow the hyperlink to the item for more detail.
Tax Agent Services Bill 2008 - 10/02/2009

The attached link to the Parliament of Australia website provides downloads to the Tax Agent Services Bill 2008.

The Bill can be accessed from the Parliament of Australia website.

Revised Exposure Draft Tax Agent Services Legislation and Explanatory Materials - 29/05/2008
The abstract for this content item contains formatting that cannot be displayed in this list. Please follow the hyperlink to the item for more detail.

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website

spacer