Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
Subscribe to our newsletter SIGN UP

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

‘Unreasonable’: Rising cost of practice slammed

The Tax Practitioners Board has been called to review the rising costs of practitioners in business, with one professional association noting the large impost on part-time practitioners.

Bookkeeper Reporter 20 June 2019
— 1 minute read

In its submission to the review of the TPB, Association of Accounting Technicians chief executive Rochelle Park has called for fees for practitioners to be considered.

Advertisement
Advertisement

Practitioner fees have been going up recently, with the 2018 federal budget revealing a spike in tax, BAS, and tax financial adviser registration fees to fund a $20.1 million boost to the TPB.

The application fee increase will also be subject to an annual consumer price index adjustment, kicking off from 1 July 2019.

“The 2018 federal budget saw that annual registration fees for registered BAS agents increased by 30 per cent in one hit and the category for a registered agent not in business was removed altogether, meaning an increase in registration of nearly 40 per cent,” said Ms Park.

“These sharp increases in fees seem unreasonable and can amount to large sums for multi person practices.

“The costs of maintaining registration for a BAS agent are relatively high, including continuing professional development (CPD) obligations, professional indemnity insurance and in many cases professional association fees,” she added.

“In a community where many practitioners work part-time, increasing costs simply to maintain a statutory registration in support of the small business sector are counter-productive to a healthy tax system.”

The AAT is not the only association to have called for the TPB to review the rising cost of practice, with CPA Australia also recently calling for the regulator to consider the impact of all the costs heaped onto practices.

‘Unreasonable’: Rising cost of practice slammed
image intro
accountantsdaily logo
Bookkeeper
FROM THE WEB