EXPLANATORY STATEMENT
STATUTORY RULES 1989 No. 250
ISSUED BY THE AUTHORITY OF THE TREASURER
The purpose of this regulation which amended the Income Tax Regulations (the Regulations) is to include membership of the National Institute of Accountants for the purposes of the eligibility criteria for registration as a tax agent.
Part VIIA (sections 251A - 251QB) of the Income Tax Assessment Act 1936 (the Act) contains the provisions under which the tax agent registration system is administered. In particular, section 251BC of the Act sets out certain criteria to be applied by a Tax Agents’ Board to determine whether an applicant for registration or re-registration as a tax agent is a fit and proper person to prepare income tax returns and transact business on behalf of taxpayers in income tax matters.
One important criterion concerns the holding of such qualifications (whether academic, by way of experience or otherwise) as are prescribed. Regulation 58CA of the Regulations prescribes four alternative sets of eligibility criteria, with various combinations of academic qualifications and relevant employment experience.
Paragraph 58CA(1)(d) of the Regulations confers eligibility upon any person who may not have formal academic qualifications, but who has significant experience in taxation practice and is a member of and entitled to vote at meetings of the Australian Society of Accountants or the Institute of Chartered Accountants in Australia.
This regulation omitted sub-subparagraph 58CA(1)(d)(ii)(A) of the Regulations and substituted a new sub-subparagraph so that like members of the Australian Society of Accountants and members of the Institute of Chartered Accountants in Australia, members of the National Institute of Accountants also satisfy the eligibility criteria for registration as a tax agent.