As announced in budget papers, the TPB will be provided $20.1 million over four years from 2018-19 to help assist the board meet its broadened responsibilities to ensure that tax and BAS agent services are provided to the public in accordance with appropriate professional and ethical standards.
The additional funding will be paid for by increases in application fees, payable at least once every three years.
According to the TPB, from 1 July 2018, BAS agents will have to pay $135, tax agent registrations will rise to $675, while tax (financial) advisers will pay $540.
The proposed application fee increases will also be subject to an annual consumer price index adjustment from 2019-20 onwards.
The new fees will also see abolishment of the ‘does not carry on a business’ application category.
Under the previous fee structure, BAS agents carrying on a business paid $100, while those not carrying on a business paid $50.
“The additional funding will ensure that the TPB is able to continue to meet its legislative responsibilities and protect consumers of tax services by registering and regulating nearly 80,000 tax agents, business activity statement agents and tax financial advisers in Australia,” said TPB chair Ian Taylor in a statement.
Association of Accounting Technicians chief executive, Rochelle Park, said that while the additional funding would allow the TPB to broaden its work and monitor the bookkeeping space, it would heap additional financial burden on BAS agents.
“Whilst these outcomes are positive, the increase will add to the financial burden BAS agents face on top of other requirements for registration as a tax professional with the TPB,” said Ms Park.
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
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Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.