| BAS AGENTS MUST Notify the Tax Practitioners Board of your PI details
It is a requirement of BAS Agents to not only have PI insurance but to notify the TPB that you have it.
HOW: Login to the Agent portal at
https://portal.tpb.gov.au/site/login/default.asp?
WHO: If it is just you then notify just you If it is an entity and you then you must notify the policy details for the entity AND then notify them that you are an employee of that entity.
IF YOU DON'T: It is possible for them to suspend your registration simply because you didn’t tell them (You MUST respond to TPB communication)
We quote from recent pronouncement from the Chair
Making sure you update your PI insurance details
As a registered tax or BAS agent, it is important that you have professional indemnity (PI) insurance cover to protect you against claims made by your clients who suffer loss due to negligence by an agent in providing a tax agent or BAS service. The Board requires all registered agents to have PI insurance. You should tell us when you change or update your PI insurance.
And as we draw closer to the end of the financial year, many PI insurance policies will be expiring and therefore you need to update your details. You can do this by going to www.tpb.gov.au and logging into the Agent Login.
The Board is currently investigating a number of registered agents who may not be complying with the Board’s PI insurance policy and therefore may be in breach of their obligations under the Code of Professional Conduct. The outcome of one of these investigations has led to an agent being issued with a written caution, and the Board are currently considering whether to impose more severe sanctions, such as suspending an agent’s registration.
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