Tax Agent Services Act 2009

PART 2 - REGISTRATION  

Division 20 - Registration  

Subdivision 20-A - Eligibility for registration  

SECTION 20-5   Eligibility for registration as registered tax agent, BAS agent or tax (financial) adviser   Individuals

20-5(1)  


An individual, aged 18 years or more, is eligible for registration as a * registered tax agent, BAS agent or tax (financial) adviser if the Board is satisfied that:


(a) the individual is a fit and proper person; and


(b) the individual meets the requirements prescribed by the regulations (including, but not limited to, requirements relating to qualifications and experience) in respect of registration as a registered tax agent, BAS agent or tax (financial) adviser; and


(c) in the case of registration which is not a renewal - the individual maintains, or will be able to maintain, professional indemnity insurance that meets the Board ' s requirements; and


(d) in the case of a renewal of registration - the individual:


(i) maintains, at the time of applying for registration, professional indemnity insurance that meets the Board ' s requirements; and

(ii) has completed continuing professional education that meets the Board ' s requirements.
Note 1:

An individual in the capacity of trustee of a trust can be registered: see section 70-15 .

Note 2:

Subsection (4) provides for an exception to paragraph (1)(b) for pre-1988 tax agents and nominees.

Partnerships

20-5(2)  


A partnership is eligible for registration as a * registered tax agent, BAS agent or tax (financial) adviser if the Board is satisfied that:


(a) each partner who is an individual is:


(i) aged 18 years or more; and

(ii) a fit and proper person; and


(b) if a company is a partner:


(i) each director of the company is a fit and proper person; and

(ii) the company is not under external administration; and

(iii) the company has not been convicted of a * serious taxation offence or an offence involving fraud or dishonesty during the previous 5 years; and


(c) the partnership has:


(i) in the case of registration as a * registered tax agent - a sufficient number of individuals, being registered tax agents, to provide * tax agent services to a competent standard, and to carry out supervisory arrangements; or

(ii) in the case of registration as a * registered BAS agent - a sufficient number of individuals, being registered tax agents or BAS agents, to provide * BAS services to a competent standard, and to carry out supervisory arrangements; or

(iii) in the case of registration as a *registered tax (financial) adviser - taking into account the requirements of paragraphs 912A(1)(d) to (f) of the Corporations Act 2001 , a sufficient number of individuals, being registered tax agents or registered tax (financial) advisers, to provide *tax (financial) advice services to a competent standard, and to carry out supervisory arrangements; and


(d) in the case of registration which is not a renewal - the partnership maintains, or will be able to maintain, professional indemnity insurance that meets the Board ' s requirements; and


(e) in the case of a renewal of registration - the partnership maintains, at the time of applying for registration, professional indemnity insurance that meets the Board ' s requirements.

Companies

20-5(3)  


A company is eligible for registration as a * registered tax agent, BAS agent or tax (financial) adviser if the Board is satisfied that:


(a) each director of the company is a fit and proper person; and


(b) the company is not under external administration; and


(c) the company has not been convicted of a * serious taxation offence or an offence involving fraud or dishonesty during the previous 5 years; and


(d) the company has:


(i) in the case of registration as a * registered tax agent - a sufficient number of individuals, being registered tax agents, to provide * tax agent services to a competent standard and to carry out supervisory arrangements; or

(ii) in the case of registration as a * registered BAS agent - a sufficient number of individuals, being registered tax agents or BAS agents, to provide * BAS services to a competent standard, and to carry out supervisory arrangements; or

(iii) in the case of registration as a *registered tax (financial) adviser - taking into account the requirements of paragraphs 912A(1)(d) to (f) of the Corporations Act 2001 , a sufficient number of individuals, being registered tax agents or registered tax (financial) advisers, to provide *tax (financial) advice services to a competent standard, and to carry out supervisory arrangements; and


(e) in the case of registration which is not a renewal - the company maintains, or will be able to maintain, professional indemnity insurance that meets the Board ' s requirements; and


(f) in the case of a renewal of registration - the company maintains, at the time of applying for registration, professional indemnity insurance that meets the Board ' s requirements.

Note:

A company in the capacity of trustee of a trust can be registered: see section 70-15 .

Special rule about pre-1988 tax agents

20-5(4)  
An individual is eligible for registration as a * registered tax agent even if the Board is not satisfied that the individual satisfies the requirements mentioned in paragraph (1)(b) if:


(a) the individual was registered as a tax agent or as a nominee for the purposes of Part VIIA of the Income Tax Assessment Act 1936 (as in force immediately before the commencement of item 7 of Schedule 1 to the Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 ) at both of the following times:


(i) immediately before the commencement of this Act;

(ii) immediately before the commencement of section 39 of the Taxation Laws Amendment Act (No. 2) 1988 ; and


(b) the individual is otherwise eligible for registration as a registered tax agent.




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