TPB empowers BAS agents on advice

17 April 2020

The Tax Practitioners Board (TPB) has cleared the way for BAS agents to give advice around the Government’s COVID-19 legislation. 

The TPB said it had registered a legislative instrument (along with an explanatory statement), on the Federal Register of Legislation, that extends the services and advice BAS agents can legally provide on the Australian Government’s COVID-19 stimulus package. 

It said BAS agents could now legally support Australian businesses by advising about their entitlements under the new JobKeeper Payment and Cashflow support for business initiatives. 

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Commenting on the move, TPB Chair, Ian Klug AM, said the legislative instrument made it clear that BAS agents could lawfully advise on the JobKeeper Payments and on the Cashflow support for business. 

“This reflects a sensible and appropriate outcome to support the Government’s initiatives,” Klug said. 

“The TPB is working to support the extraordinary efforts of all registered tax practitioners acting professionally and ethically to assist Australian workers and businesses, especially in understanding these stimulus entitlements.” 

According to the formal documentation, the effect of the Legislative Instrument is “to allow registered BAS agents to provide certain services, that they would otherwise be unable to lawfully provide, without the requirement to be a registered tax agent”. 

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This is the exactly the sort of thing TPB should be doing. Sensible regulation of BAS agents.

But the TPB should NOT be regulating licensed financial advisers. Licensed advisers are already chronically over regulated by a myriad of other agencies and regulations. The TPB just adds complexity and forces up the cost of advice for consumers. Why hasn't the TPB been removed from regulating financial advisers yet? What are you waiting for Jane Hume? Are you too busy making Josh cups of tea?

So BAS agent with no PI for advice, no training to give advice, no licensing, doesnt have to pay licensing fees, etc etc just gets to give advice. This shows ASIC's views on Financial Planners - they want them gone!

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