Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 (114 of 2009)

Schedule 2   Transitional provisions

Part 3   Applications for registration or re-registration

Division 1   Pending applications

8   Pending applications for registration - nominees

(1) If:

(a) an entity has applied to a Tax Agents’ Board for registration of a nominee under section 251KB of the old law; and

(b) the Tax Agents’ Board has not decided the application before commencement;

then:

(c) the Board must decide the application in accordance with section 251KC of the old law within 6 months after commencement; and

(d) if the Board decides to grant the application - the Board must:

(i) register the nominee as a registered tax agent under section 20-25 of the new law; and

(ii) notify the entity and the nominee of its decision in accordance with section 20-30 of the new law; and

(e) if the Board decides to reject the application - the Board must notify the entity and the nominee of its decision in accordance with subsection 251KC(3) and section 251QB of the old law.

(2) The Board is taken to have rejected the application if it has not made its decision within 6 months after commencement.

(3) To avoid doubt, if the Board decides to grant the application, the Board may, in accordance with subsection 20-30(3) of the new law, require the nominee to maintain professional indemnity insurance.