Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 (114 of 2009)

Schedule 2   Transitional provisions

Part 3   Applications for registration or re-registration

Division 1   Pending applications

7   Pending applications for re-registration - tax agents

(1) If:

(a) an entity has applied to a Tax Agents’ Board for re-registration under section 251JB of the old law; and

(b) the Tax Agents’ Board has not decided the application before commencement;

then:

(c) the Board must decide the application in accordance with section 251JC of the old law within 6 months after commencement; and

(d) if the Board decides to grant the application - the Board must:

(i) register the entity as a registered tax agent under section 20-25 of the new law; and

(ii) notify the entity of its decision in accordance with section 20-30 of the new law; and

(e) if the Board decides to reject the application - the Board must notify the entity of its decision in accordance with subsection 251JC(3) and section 251QB of the old law.

(2) The Board is taken to have rejected the application if it has not made its decision within 6 months after commencement.

(3) To avoid doubt, if the Board decides to grant the application, the Board may, in accordance with subsection 20-30(3) of the new law, require the entity to maintain professional indemnity insurance.

(4) The entity is taken to be a registered tax agent for the period:

(a) beginning on the day on which this Schedule commences; and

(b) ending:

(i) on the day on which the Board makes its decision; or

(ii) on the day that occurs 6 months after commencement;

whichever occurs first.

(5) If:

(a) an entity has requested a Tax Agents’ Board to allow, under paragraph 251JB(4)(b) of the old law, an application for re-registration to be made at a later time but before the day on which the entity’s registration would have ended under the old law but for its repeal by Schedule 1 to this Act; and

(b) the Tax Agents’ Board has not made a decision before commencement;

then:

(c) the Board must make a decision in accordance with section 251JB of the old law; and

(d) if the Board decides to allow the request:

(i) the entity may apply for re-registration within the time decided by the Board; and

(ii) for the purposes of paragraph (1)(a) of this item, the entity is taken to have applied to a Tax Agents’ Board for re-registration under section 251JB of the old law; and

(e) if the Board decides to refuse the request - the Board must notify the entity in accordance with subsection 251JB(5) and section 251QB of the old law.