Commonwealth Numbered Regulations

TAX AGENT SERVICES REGULATIONS 2022 (F2022L00238) - SCHEDULE 2

Note:       See sections 20 and 21.

Part 1 -- Registered BAS agents

Accounting qualifications

           101  This clause applies if the individual:

                     (a)  has been awarded a Certificate IV in Accounting and Bookkeeping (or a Certificate IV Bookkeeping or Certificate IV Accounting), or a higher qualification in bookkeeping or accounting, from a registered training organisation or an equivalent institution; and

                     (b)  has successfully completed a course in basic GST/BAS taxation principles that is approved by the Board; and

                     (c)  has undertaken at least 1400 hours of relevant experience in the last 4 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definition of relevant experience , see clause 103 of this Part.

Professional association membership

           102  This clause applies if the individual:

                     (a)  is a voting member of a recognised BAS agent association or a recognised tax agent association; and

                     (b)  has been awarded a Certificate IV in Accounting and Bookkeeping (or a Certificate IV Bookkeeping or Certificate IV Accounting), or a higher qualification in bookkeeping or accounting, from a registered training organisation or an equivalent institution; and

                     (c)  has successfully completed a course in basic GST/BAS taxation principles that is approved by the Board; and

                     (d)  has undertaken at least 1000 hours of relevant experience in the last 4 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definitions of recognised BAS agent association and recognised tax agent association , see section 5. For the definition of relevant experience , see clause 103 of this Part.

Definitions

           103  In this Part:

"relevant experience " means work by an individual:

                     (a)  as a registered tax agent or a registered BAS agent; or

                     (b)  under the supervision and control of a registered tax agent or a registered BAS agent; or

                     (c)  of another kind approved by the Board;

that includes substantial involvement in the provision of one or more of the types of BAS services described in section 90- 10 of the Act.

Note:          The terms registered BAS agent and registered tax agent are defined in the Act.

Part 2 -- Registered tax agents

Tertiary qualifications--accounting

           201  This clause applies if the individual:

                     (a)  has been awarded either:

                              (i)  a degree, or a post graduate award, in accounting from an Australian tertiary education institution; or

                             (ii)  a degree, or an award, in accounting that is approved by the Board, and that is from an equivalent institution; and

                     (b)  has successfully completed a course in commercial law that is approved by the Board; and

                     (c)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (d)  has undertaken at least 1 year of full time relevant experience (or part time equivalent) in the last 5 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definition of relevant experience , see clause 212 of this Part.

Tertiary qualifications--specialists

           202  This clause applies if the individual:

                     (a)  has been awarded either:

                              (i)  a degree, or a post graduate award, in an area (other than accounting) that is relevant to the tax agent service to which the individual's application for registration relates from an Australian tertiary education institution; or

                             (ii)  a degree, or an award, in an area (other than accounting) that is approved by the board, relevant to the tax agent service to which the individual's application for registration relates, and that is from an equivalent institution; and

                     (b)  if the Board considers it relevant to the tax agent service to which the individual's application for registration relates--has successfully completed as many of the following courses as the Board considers necessary:

                              (i)  a course in basic accounting principles that is approved by the Board;

                             (ii)  a course in commercial law that is approved by the Board;

                            (iii)  a course in Australian taxation law that is approved by the Board; and

                     (c)  has undertaken at least 1 year of full time relevant experience (or part time equivalent) in the last 5 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       The term tax agent service is defined in the Act. For the definition of relevant experience , see clause 212 of this Part.

Diploma or higher award

           203  This clause applies if the individual:

                     (a)  has been awarded a diploma or higher award in accounting from a registered training organisation or an equivalent institution; and

                     (b)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (c)  has successfully completed a course in commercial law that is approved by the Board; and

                     (d)  has undertaken at least 2 years of full time relevant experience (or part time equivalent) in the last 5 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definition of relevant experience , see clause 212 of this Part.

Tertiary qualifications--law

           204  This clause applies if the individual:

                     (a)  has the academic qualifications required to be an Australian legal practitioner; and

                     (b)  has successfully completed a course in basic accounting principles that is approved by the Board; and

                     (c)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (d)  has undertaken at least 1 year of full time relevant experience (or part time equivalent) in the last 5 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definition of relevant experience , see clause 212 of this Part.

Work experience

           205  This clause applies if the individual:

                     (a)  has successfully completed a course in basic accounting principles that is approved by the Board; and

                     (b)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (c)  has successfully completed a course in commercial law that is approved by the Board; and

                     (d)  has undertaken at least 8 years of full time relevant experience (or part time equivalent) in the last 10 years.

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definition of relevant experience , see clause 212 of this Part.

Membership of professional association

           206  This clause applies if the individual:

                     (a)  is a voting member of a recognised tax agent association; and

                     (b)  has undertaken at least 8 years of full time relevant experience (or part time equivalent) in the last 10 years.

Note:          For the definition of recognised tax agent association , see section 5. For the definition of relevant experience , see clause 212 of this Part.

Tertiary qualifications--financial services licensees and their representatives

           207  This clause applies if the individual:

                     (a)  has been awarded either:

                              (i)  a degree, or a post-graduate award, in a relevant discipline, from an Australian tertiary education institution; or

                             (ii)  a degree, or an award, in a relevant discipline that is approved by the Board, and that is from an equivalent institution; and

                     (b)  has successfully completed a course in commercial law that is approved by the Board; and

                     (c)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (d)  has undertaken at least 1 year of full time relevant tax (financial) advice experience (or part time equivalent) in the last 5 years; and

                     (e)  is, or was within the last 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 910A of the Corporations Act 2001 .

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definitions of relevant discipline and relevant tax (financial) advice experience , see clause 212 of this Part.

Diploma or higher award--financial services licensees and their representatives

           208  This clause applies if the individual:

                     (a)  has been awarded a diploma, or higher award, in a relevant discipline, from a registered training organisation or an equivalent institution; and

                     (b)  has successfully completed a course in commercial law that is approved by the Board; and

                     (c)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (d)  has undertaken at least 18 months of full time relevant tax (financial) advice experience (or part time equivalent) in the last 5 years; and

                     (e)  is, or was within the last 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 910A of the Corporations Act 2001 .

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definitions of relevant discipline and relevant tax (financial) advice experience , see clause 212 of this Part.

Work experience--financial services licensees and their representatives

           209  This clause applies if the individual:

                     (a)  has successfully completed a course in commercial law that is approved by the Board; and

                     (b)  has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (c)  has undertaken at least 3 years of full time relevant tax (financial) advice experience (or part time equivalent) in the last 5 years; and

                     (d)  is, or was within the last 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 910A of the Corporations Act 2001 .

Note 1:       The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Note 2:       For the definition of relevant tax (financial) advice experience , see clause 212 of this Part.

Membership of professional associations--financial services licensees and their representatives

           210  This clause applies if the individual:

                     (a)  is a voting member of a recognised tax agent association; and

                     (b)  has undertaken at least 6 years of full time relevant tax (financial) advice experience (or part time equivalent) in the last 8 years; and

                     (c)  is, or was within the last 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee mentioned in paragraph (a) of the definition of representative in section 910A of the Corporations Act 2001 .

Registered tax (financial) advisers

           211  This clause applies if:

                     (a)  immediately before 1 January 2022, the individual was a registered tax (financial) adviser within the meaning of the Act as in force at that time; and

                     (b)  the individual's application for registration, under section 20- 20 of the Act, is made before 1 January 2023.

Definitions

           212  In this Part:

"relevant discipline " includes a discipline related to finance, financial planning, commerce, economics, business, tax, accounting, or law.

"relevant experience " means work by an individual:

                     (a)  as a registered tax agent; or

                     (b)  as a tax agent registered under Part VIIA of the Income Tax Assessment Act 1936 as in force immediately before 1 March 2010; or

                     (c)  under the supervision and control of a registered tax agent; or

                     (d)  under the supervision and control of a tax agent registered under Part VIIA of the Income Tax Assessment Act 1936 as in force immediately before 1 March 2010; or

                     (e)  as an Australian legal practitioner; or

                      (f)  of another kind approved by the Board;

that includes substantial involvement in the provision of one or more of the types of tax agent services described in section 90- 5 of the Act, or substantial involvement in the practice of a particular area of taxation law to which one or more of those types of tax agent services relate.

Note:          The terms registered tax agent and tax agent service are defined in the Act.

"relevant tax (financial) advice experience " means work by an individual:

                     (a)  as a registered tax (financial) adviser within the meaning of the Act as in force immediately before 1 January 2022; or

                     (b)  as a registered tax agent, or a tax agent registered under Part VIIA of the Income Tax Assessment Act 1936 as in force immediately before 1 March 2010; or

                     (c)  under the supervision and control of a registered tax (financial) adviser within the meaning of the Act as in force immediately before 1 January 2022; or

                     (d)  under the supervision and control of a registered tax agent or a tax agent registered under Part VIIA of the Income Tax Assessment Act 1936 as in force immediately before 1 March 2010; or

                     (e)  as a qualified tax relevant provider; or

                      (f)  under the supervision and control of a qualified tax relevant provider; or

                     (g)  of another kind approved by the Board;

that includes substantial involvement in the provision of one or more of the types of tax (financial) advice services described in section 90- 15 of the Act, or substantial involvement in the practice of a particular area of taxation law to which one or more of those types of tax (financial) advice services relate.

Note:          The terms registered tax agent and tax (financial) advice service are defined in the Act.