The Tax Practitioners Board held a special COVID-19 consultative forum yesterday to discuss the impact of coronavirus on the tax profession and communicate key messages to the community.
The TPB began its message to tax professionals by promising a supportive and pragmatic approach in the coming months.
“We encourage tax practitioners to contact the TPB if they are encountering difficulties in meeting their TPB obligations so that we can consider their individual circumstances and work with them to find an appropriate outcome,” they said.
They went on to outline supportive measures for tax professionals, including in the areas of:
Annual declarations
Annual declarations will not be required to be lodged for those with declarations due on or before 31 December 2020. If this applies to you, you’ll next need to lodge your annual declaration in 2021 or 2022 (if you are required to renew registration in 2021).
Registration Renewal applications
Tax practitioners with a registration renewal application due in the coming months who are unable to lodge their renewal application on time are being urged to contact the TPB to make arrangements, so they can remain registered, and can continue to have access to the ATO’s online services.
Continuing professional education (CPE)
Relaxing CPE requirements means the current 25% cap for relevant technical or professional reading activity is being removed immediately for the next 6 months (until the end of September 2020).
Tax practitioners should still explore any and keep a log of any CPE activities undertaken.
Other elements of the TPB’s CPE requirements still apply, including the minimum annual CPE hour requirement, the three-year CPE hour requirement and the requirement to undertake activities relevant to the services you are registered to provide.
Read the TPB’s full forum report here.
Read The Tax Institute’s response here.
Note: Tax Institute members will still need to comply with the Institute’s own CPD requirements.
Online CPD options from The Tax Institute
Looking for something to keep your professional knowledge sharp?
- The Tax Knowledge eXchange gives you instant, unlimited access to the very latest tax commentary, papers and presentations, journal articles, daily news, and more. Your subscription also includes up to 32 CPD hours.
- Our National Superannuation Webinar series is a 10-part online series designed to ensure you have the practical skills and knowledge to implement the latest SMSF strategies to benefit your clients. Starting 8 April 2020.
Watch this space for more updates on online CPD webinars coming up, including:
- Stimulus Package – Practical Implications
- Payroll Tax game changer – The impact of the decision in Optical Superstore
- Barossa Online – Premier tax technical for SME practitioners
- Regional Tax Symposium
- Business Structures
