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TAX PRACTITIONERS BOARD Education requirements Tax and BAS agents

TAX PRACTITIONERS BOARD Education requirements Tax and BAS agents. Presented by Dale Boucher Chair, Tax Practitioners Board TAFE Professional Development Day 13 December 2011. PRESENTATION OVERVIEW. 2. WHO WE ARE AND WHAT WE DO. ROLE OF THE BOARD. 4. THE BOARD’S FOCUS. 5.

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TAX PRACTITIONERS BOARD Education requirements Tax and BAS agents

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  1. TAX PRACTITIONERS BOARDEducation requirementsTax and BAS agents Presented by Dale Boucher Chair, Tax Practitioners Board TAFE Professional Development Day 13 December 2011

  2. PRESENTATION OVERVIEW 2

  3. WHO WE ARE AND WHAT WE DO

  4. ROLE OF THE BOARD 4

  5. THE BOARD’S FOCUS 5

  6. TAX PRACTITIONER COMMUNITY Registrations at 30 November 2011 QLD BAS – 4,049 TA – 5,922 Total – 9,971 NT BAS – 187 TA – 207 Total – 394 NSW BAS – 5,221 TA – 13,914 Total – 19,135 WA BAS – 1,972 TA – 3,700 Total – 5,672 SA BAS – 968 TA – 2,346 Total – 3,314 ACT BAS – 239 TA – 479 Total - 718 TAS BAS – 329 TA – 498 Total - 827 VIC BAS – 4,366 TA – 10,822 Total – 15,188 TOTAL = 55,219* * plus additional 1000 (approx) new applications to be processed

  7. AGENT COMMUNITY - PROFILE

  8. LOCATION TAX AND BAS AGENTS 8

  9. GENDER PROFILE OF TAX AND BAS AGENT 9

  10. AGE PROFILE 10

  11. TYPE OF ENTITY 11

  12. PROFESSIONAL AFFILIATION 12

  13. REGISTERING AS AN AGENT

  14. WHO MUST REGISTER WITH THE BOARD? Any entity that provides a tax agent service or BAS service for a fee or other reward and there is reliance on that service The types of services include: - advice work - lodging tax returns and business activity statements - dealing with the Commissioner 14

  15. WHAT IS A BAS SERVICE? • Ascertaining or advising about liabilities, obligations or entitlements of an entity that arise, or could arise, under a BAS provision • Representing an entity in their dealings with the ATO • Entity relies on the service • BAS provisions include GST law, wine equalisation tax law, luxury car tax law, fuel tax law, fringe benefits tax law (relating to collection and recovery only), pay as you go (PAYG) withholding and PAYG instalments. 15

  16. WHAT IS A TAX AGENT SERVICE? • Ascertaining or advising about liabilities, obligations or entitlements of an entity that arise, or could arise, under a taxation law • Representing an entity in their dealings with the ATO • Entity relies on the service • Taxation laws includes any Act administered by the Commissioner of Taxation and the Tax Agent Services Act 2009 (administered by the Board) 16

  17. CONTRACTORS • Do not need to register if you provide a tax agent or BAS service for a registered agent and that agent charges the client for your work (e.g. employees) • Need to register if you are providing tax agent or BAS services to a registered agent – the agent is your client who relies on your work • Need to register if you are providing tax agent or BAS services through a registered agent – these may be your own clients 17

  18. EDUCATION REQUIREMENTS

  19. Legislative framework Leading academics engaged and stakeholders consulted, including with education providers/sector Worked closely with the professional associations Working closely with IBSA re Board approved courses Number of academic Board members Released exposure drafts for public comment DEVELOPING EDUCATION REQUIREMENTS 19

  20. EDUCATION REQUIREMENTS - BAS AGENTS

  21. STANDARD EDUCATION REQUIREMENTS • Awarded at least either a Certificate IV Financial Services (Bookkeeping) or (Accounting) from a RTO or equivalent. • + • Successfully completed a course in basic GST/BAS taxation principles that is approved by the Board. 21

  22. EDUCATION REQUIREMENTS – BAS AGENTS 22

  23. BAS Agent Registration Skill Set 1. FNSBKG404A Carry out business activity and instalment activity statement tasks 2. FNSBKG405A Establish and maintain a payroll system Topics include FBT (collection and recovery only), indirect tax law (GST, WET, LCT, FTC) and PAYG system GST/BAS COURSE 23

  24. Interim position exists for those who apply before 1 March 2012 – only need FNSBKPG404A – this is the previous version of FNSBKG404A Reason for interim position – 404A, and not 405A, were compulsory in the relevant Certificate IV Bookkeeping Will need to complete the additional BAS unit ‘Establish and maintain a payroll system’ (or equivalent) to renew on and after 1 March 2012 Moving from FNS04 to FNS10 – issues? GST/BAS COURSE 24

  25. GST/BAS COURSE AND RPL 25

  26. RPL AND CHALLENGE TEST 26

  27. EDUCATION REQUIREMENTS - TAX AGENTS

  28. TAX AGENTS – QUALIFICATION REQUIREMENTS Qualification 1 Tertiary qualifications in accountancy Tertiary qualifications in another discipline Diploma or higher award in accountancy OR OR Membership of a professional association Work experience Tertiary qualifications in law OR OR Qualification 2 Board approved courses: combination depends on primary qualification Course in basic accountancy principles Course in Australian taxation law Course in commercial law 28

  29. TAX AGENTS – BOARD APPROVED COURSES 29

  30. TAX AGENTS – BOARD APPROVED COURSES 30

  31. BOARD APPROVED COURSES – TAX AGENTS 31

  32. Quantity surveyors From 1 July 2013, new quantity surveyor applicants must complete a ‘tailored’ Board approved course in Australian taxation law Other conditional agents Board will consider on a case-by-case basis, taking into account: Other qualifications Work experience Any other relevant information CONDITIONAL TAX AGENTS 32

  33. OTHER EDUCATION MATTERS

  34. Agents who are registered or apply before 1 July 2013 will need to demonstrate knowledge, as part of their general competency requirements, of the TASA, including the Code – this may done through CPE From 1 July 2013 all new tax and BAS agents must have completed a course which includes a component in the TASA, including the Code THE TASA (AND CODE) 34

  35. Board set to finalise approach to CPE in early 2012 CPE must be relevant to the tax agent or BAS services provided Preliminary view of the number of hours of relevant CPE - tax agent: 90 hours over 3 years - BAS agent: 45 hours over 3 years - conditional tax or BAS agent: varies CONTINUING PROFESSIONAL EDUCATION 35

  36. RELEVANT EXPERIENCE

  37. Period of relevant experience varies depending on which qualification path is chosen or whether agent is a voting member of a recognised association (see table) Relevant experience’ means work by an individual, that is of substantial involvement in providing tax agent services:  as a tax or BAS agent registered under the supervision and control of a tax or BAS agent as an Australian legal practitioner of another kind approved by the Board RELEVANT EXPERIENCE 37

  38. Period of relevant experience varies depending on whether you are a voting member of a recognised tax or BAS agent association (list available next page) 1,400 hours of relevant experience in the past three years 1,000 hours of relevant experience in the past three years if voting member of recognised tax or BAS agent association RELEVANT EXPERIENCE – BAS AGENTS 38

  39. Relevant experience means work by an individual, that is of substantial involvement in providing BAS services  as a registered tax or BAS agent under the supervision and control of a registered tax or BAS agent of another kind approved by the Board ‘Substantial’ in this context means that the experience is real and is of an ample or considerable quantity. RELEVANT EXPERIENCE – BAS AGENTS 39

  40. EXAMPLES – BAS AGENTS 40

  41. Relevant experience means work by an individual, that is of substantial involvement in providing tax agent services  as a registered tax under the supervision and control of a registered tax as an Australian legal practitioner of another kind approved by the Board ‘Substantial’ in this context means that the experience is real and is of an ample or considerable quantity. RELEVANT EXPERIENCE – TAX AGENTS 41

  42. EXAMPLES – TAX AGENTS 42

  43. OTHER MATTERS

  44. Board are consulting with the profession Identified issues where it might usefully provide further practical information to assist agents in understanding their obligations under the Code of Professional Conduct. Code Principle 10 – taking reasonable care to ensure that taxation laws are applied correctly Code Principle 9 – taking reasonable care to ascertain clients state of affairs Code Principle 3 – handling of trusts monies Code Principle 5 – managing conflicts of interest PROFESSIONAL PRACTICE 44

  45. Australian Skills Quality Authority (ASQA) Current national regulator for VET sector Regulates courses and training providers to ensure nationally approved quality standards are met. Tertiary Education Quality and Standards Agency (TESQA) Regulatory and quality agency for higher education, commencing in January 2012. Aim is to ensure that students receive a high quality education at any Australian higher education provider. WORKING WITH THE NEW NATIONAL REGULATORS 45

  46. QUESTIONS AND MORE INFORMATION 46

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