The Tax Practitioners Board (TPB) has singled out BAS agents for their compliance in the 2016/17 financial year, and for their “positive and important contribution” to the tax professionals community.
According to the TPB’s annual report for 2016/17, there was a significant drop in BAS agents who had their registration cancelled because of a failure to renew, standing at 484 versus 1,646 in the year prior.
There was also a drop in the number of applications that were formally rejected by the TPB last financial year. The TPB formally rejected only one BAS agent application in 2016/17 versus 17 in the year prior.
“It has now been over seven years since BAS agents were first given official recognition under the TASA. Over time, we have seen their successful transition into the tax practitioner population and a significant increase in the professional recognition of BAS agents,” said TPB chair Ian Taylor.
“As at November 2016, when all transitional registration arrangements ended, all registered individual BAS agents had met the necessary education and experience requirements, reinforcing the skills and qualifications of the BAS agent profession,” he said.
“I would like to acknowledge BAS agents for their positive and important contribution to the professionalism of the registered tax practitioner community and the Australian tax system,” he said.
Article taken from Accountants Daily - 1 November, 2017