Legislation - Exposure Draft Tax Agent Services Bill
Why change is required

Currently in the bookkeeping industry there are limited barriers of entry to be a contracting bookkeeper. Though the Income Tax Assessment Act 1936 (S251L(6)) [More Information] requires bookkeepers to meet certain conditions this is often unachievable and impractical. Lack of nationally recognised standards for the bookkeeping industry makes it extremely difficult for bookkeepers to meet the requirements set by Government.

The current legislation is inappropriate for the bookkeeping industry and does not provide consumer protection when dealing with bookkeepers.

AAPB is actively working with Government to create a new regime that meets all the necessary requirements (including consumer protection) for the bookkeeping industry. The proposed Exposure Draft Tax Agent Services Bill will provide the right framework to build the infrastructure required to support this industry.

AAPB supports and encourages the initiative from Government as it will help resolve the issues that are constantly faced by our industry.

What are the proposed changes?

AAPB has prepared the following documents to help bookkeepers understand what changes will occur and where to turn during this transition period.

Below is a brief synopsis of some of the future requirements necessary for a BAS Tax Agent:

	Minimum Education	Certificate IV level
	Insurance	Professional indemnity
	Policies & Procedures	That meets the Code of Professional Conduct
	Registration	New Tax Agent Board
	Continuous Professional Development	Recognised by New Tax Agent Board

For more information read these documents:

AAPB 2008 Summary [More Information]

AAPB 2007 Media Release  [More Information]