From this month onwards, the TPB will be checking up on about 1,000 tax practitioners, particularly those who are not monitored by other government regulators or professional associations.
Registration renewal is a likely review trigger, at which point tax agents agree they have met minimum CPD levels.
Under the Tax Agent Services Act (TASA), which informs the TPB’s regulation, tax agents are required to meet minimum CPD levels. How each agent meets CPD requirements is based on a number of factors, notably including professional association membership, which is explained in more detail here.
The findings of this review will inform the TPB’s broader assessment of its CPD policies this financial year, including whether they are effective enough.
Tax agents will be informed if they are selected for review. Tax agents should also note that keeping records of CPD forms is part of their obligations.
Mandatory education has been a sore point in recent months for accountants giving financial advice in particular. Under incoming laws, those accountants will soon be required to spend thousands on further education to remain licensed, regardless of post-graduate training, and even if they are only operating under a limited AFSL.