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

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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