Bookkeepers & Tax Agents

Tax and BAS Agents must have Professional Indemnity

 New regulations have been brought into Australia that require tax agents and BAS agents must register with a new Tax Practitioners Board, which has replaced the six individual state boards. Membership fees will apply, and will be set at $500 for tax agents and $100 for BAS agents carrying on a business, with $250 and $50 for agents not carrying on a business.

Professionals registered under the old regimes will be registered for the new scheme automatically, but those not registered must do so now.

Additionally, tax agents will now require tertiary qualifications, a diploma, admission to legal practice or work experience including eight years of full-time work within the industry during the previous decade.

BAS agents require an accounting qualification, such as a certificate, and work experience within the previous two years. The new code of conduct will also come with civil penalties, which include a written caution, an order to complete some form of education or suspension and termination of registration.

The relevent sections regarding the requirements for Professional indemnity insurance is Part 2
Registration Division 20 (3) If the Board grants your application, the Board may, by written
notice, require you to maintain professional indemnity insurance as specified

Part 3 The Code of Professional Conduct Division 30 (13) You must maintain the professional indemnity insurance that the Board requires you to maintain.

The need to have PI comes in from 1 July 2011 and I know many Tax Agents thought cover was too expensive. Well it is still very competitive for the Accounting type professions and Tax Agents are considered less of a risk than Auditors or Insolvency Practitioners. For many, it is just an issue of the minimum premium being too high. However there are insurers with much lower Minimums particularly if the Broker is prepared to do the business on-line. As well, the smaller operators are likely to only require $250,000 cover.

We can find cover out there for this amount for as little as $275 plus charges.

So if you are a Tax Agent, call us now on 07 3123 1137
 

Latest News

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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