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

Schedule 2   Transitional provisions

Part 2   Continuation of existing registrations etc.

5   Special rules relating to the provision of BAS services by certain persons and entities

(1) If:

(a) immediately before commencement, a person:

(i) was a person referred to in paragraph 251L(6)(a), (b) or (c) of the old law; and

(ii) was providing a BAS service within the meaning of subsection 251L(7) of the old law; and

(b) during the 6 month period beginning immediately after commencement, the person notifies the Board that he or she satisfies paragraph (a) of this subitem;

the person is taken to be a registered BAS agent within the meaning of the new law for the 2 year period beginning immediately after commencement.

Note 1: A registered BAS agent is registered under section 20-25 of the new law.

Note 2: Paragraph (b) - for the form of the notification, see item 25 of this Schedule.

(2) If:

(a) an entity is not a person mentioned in subitem (1); and

(b) immediately before commencement, the entity was providing a BAS service within the meaning of the new law (other than a BAS service within the meaning of subsection 251L(7) of the old law); and

(c) during the 6 month period beginning immediately after commencement, the entity notifies the Board that the entity satisfies paragraphs (a) and (b);

the entity is taken to be a registered BAS agent within the meaning of the new law for the 2 year period beginning immediately after commencement.

Note 1: A registered BAS agent is registered under section 20-25 of the new law.

Note 2: Paragraph (c) - for the form of the notification, see item 25 of this Schedule.

(3) To avoid doubt, if a person is taken to be a registered BAS agent under subitem (1), the Board may, in accordance with the new law, do either or both of the following:

(a) impose conditions to which the person’s registration is subject;

(b) require the person to maintain professional indemnity insurance;

as if the person had applied for registration and the Board had decided to grant the application.

(4) To avoid doubt, if an entity is taken to be a registered BAS agent under subitem (2), the Board may, in accordance with the new law, do either or both of the following:

(a) impose conditions to which the entity’s registration is subject;

(b) require the entity to maintain professional indemnity insurance;

as if the entity had applied for registration and the Board had decided to grant the application.