Treasury Laws Amendment (2023 Measures No. 1) Act 2023 (101 of 2023)

Schedule 3   Government response to the Review of the Tax Practitioners Board

Part 4   Appointments to the Tax Practitioners Board

Tax Agent Services Act 2009

19   At the end of section 60-25

Add:

Community representatives

(4) In appointing an individual as a *Board member, the Minister must be satisfied that the individual is a *community representative.

(5) An individual is a community representative if the individual is not any of the following:

(a) a partner in a partnership that is a *prescribed tax agent;

(b) an *executive officer of a company that is a prescribed tax agent;

(c) a former partner in a partnership that is currently a prescribed tax agent, if the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the partnership;

(d) a former executive officer of a company that is currently a prescribed tax agent if either of the following apply:

(i) the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the company;

(ii) the individual holds *shares in the company.

(6) A prescribed tax agent means a company or partnership that:

(a) is a *registered tax agent or BAS agent; and

(b) has more than 100 employees.

Note: A company or partnership whose registration as a registered tax agent or registered BAS agent is suspended remains a registered tax agent or BAS agent for the purposes of this section (see subsection 30-25(4)).

(7) An executive officer of a company means a director, secretary or senior manager (within the meaning of the Corporations Act 2001) of the company.