Australian Association of Professional Bookkeepers - Tax Agents Services Act 2009 Regime

LINKS

Tax Agents Services Act 2009

Tax Agents Services Regulations 2009

Tax Agent Services
(Transitional Provisions And Consequential Amendments) Act 2009

Tax Agent Services Act 2009 Regime
Why change was required

Before the introduction of the Tax Agent Services Act 2009 Regime, government, accountants, bookkeepers and clients experienced communication difficulties, mistakes and unfair fines and penalties on businesses.

Although the Income Tax Assessment Act 1936 (S251L(6)) required bookkeepers to meet certain requirements, this was often unachievable, impractical and predominately igonored.

Lack of nationally recognised standards and government legislation exposed business owners. Without appropriate legislation, the Australian Government was limited in what they could do to protect consumer rights and it opened the "flood gates" to a litany of basic BAS mistakes causing GST revenue leakage estimated in the billions of dollars per annum.

The basic mistakes created a "whittle effect" on GST revenues that are difficult to detect in a standard financial audit performed by an accountant. These mistakes potentially left the client unknowingly exposed to a high risk of fines and penalties from the ATO. The mistakes also impacted on the government collecting revenue to pay for community services such as hospitals, schools, roads etc.

Inadequate training or inappropriate education was identified as the major contributor to the high level of mistakes.

The introduction of the new Tax Agents Services Act 2009 regime and the forming of the Tax Practitioner Board; sets the minimum standards for BAS Agents and Tax Agents; includes and recognises bookkeepers contribution; provides consumer protection and establishes a governing body to ensure the professionals within the financial services industry provide reasonable care to their clients.

AAPB is very excited to reach such a pinnacle platform. No more excuses. The financial services industry now has government framework to help grow professionals and their clients.

For more information read Tax Practitioner Board