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Important update: CPE Requirements for tax and BAS agents from 1 July 2022

To keep our customers and professional practitioners up to date with the latest CPE requirements by the Tax Practitioner Board (TPB) we have tried to create a short synopsis for registered Tax and BAS agents with the new information that commences on 1st July 2022

All tax and BAS agents require to complete the required CPE as acknowledged by TPB and specified by the Tax Agent Services Regulations 2022 (TASR)

TAX AGENTS

  • TPB expects that tax agents should complete a minimum of 120 hours of relevant CPE over three years and not less than 20 hours of relevant CPE should be completed in any given year of a registered tax agent’s CPE period.

  • The CPE period will begin on the date the tax agent is registered and ends on the date the tax agent’s registration expires in respect of that registration (generally three years).

  • For new registrations commencing on or after 1 July 2022, the new CPE policy will take effect from the date of registration.

BAS AGENTS

  • TPB expects that the minimum level of relevant CPE that should be completed by BAS agents is 90 hours over three years and not less than 20 hours of relevant CPE should be completed in any given year of a registered BAS agent’s CPE period.

  • For registered tax and BAS agents renewing their registration after 1 July 2022, the new CPE policy will apply from the date of renewal of registration.

CONDITIONAL TAX PRACTITIONERS

  • TPB expects that this category of registered tax practitioners complete a minimum of 45 hours of relevant CPE over three years and not less than five hours of relevant CPE should be completed in any given year of a conditional agent’s CPE period.

 

Compliance with the Code of Professional Conduct

  • Completion of at least the minimum level of relevant CPE outlined in this TPB(EP) will be considered by the TPB as one of the factors which would evidence compliance by a registered tax practitioner with relevant items of the Code, contained in section 30-10 of the TASA.

  • If the TPB is satisfied, after conducting an investigation under Subdivision 60-E of the TASA, that a registered tax practitioner has failed to comply with the Code, the TPB may, amongst other things, give the practitioner an order under section 30-20 of the TASA to take specified actions. This may include completing a course of education or training. 

Click here for further information in relation to TPB guidelines on Explanatory Paper TPB(EP) 07/2021

 

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Introducing a one stop solution for all our customers – where you can meet and exceed your mandatory CPD requirements.

CPD Hours now available on - www.smsfschool.com.au covering Superannuation, Income Tax, Law and Financial Planning.

  • CPE Activities would include seminars, workshops, webinars, courses and lectures. Other examples would be structured conferences and discussion groups (including those completed by telephone or video conference). Also other educational activities, including podcasts, webcasts and blogs or computer/internet-assisted courses, audiotape or videotape packages etc
  • 25 per cent of CPE over a registered tax practitioner’s CPE period is the maximum that can be completed through relevant technical or professional reading. Relevant technical or professional reading may include visual and audio resources.
  • 10 per cent is the maximum in addition that TPB allows registered tax practitioners to undertake educative health and wellbeing activities. These activities could include attending webinars about how to manage stress and self-care, including in relation to the management of staff health and wellbeing.

RECORDING CPE ACTIVITIES | MAINTAIN YOUR 5 year CPE LIBRARY WITH SMSF SCHOOL

TPB requires registered tax practitioners to maintain a contemporaneous record and evidence of the CPE activities that they complete. Records should be kept for a period of five years from the end of the registered tax practitioner’s CPE period.

Click here to register your FREE student profile with SMSF School and register for this Upcoming event. You will receive the CPD within 48 hours after the event date.

Click here to learn how our e-Learning platform SMSF School can help you save time and money while you learn.

Currently, we have an upcoming webinar on 3rd August and we are in process of adding more events in the coming days. Watch this space for more on www.smsfschool.com.au 

Upcoming Webinar

Topic: "SMSF Death Benefits in an SMSF"

Webinar Details: 

With aging Australians in SMSF, many practitioners will be facing death of a SMSF member for the first time. This event will update accountants and advisors with all the necessary points which they need to tick off at the time of a members death.

As part of the presentation Manoj will also go over his checklist on steps which an advisor has to take for members who die in Accumulation or in Pension phase.

When: 3rd Aug 2022

Time: 2.30 PM To 3.30 PM (AEST)

How to Book: https://www.smsfschool.com.au/

Cost: $90.00 incl. GST

CPD: 1 Hour CPD Certificate will be issued.

This event will provide 1.0 Hours CPD hour under self assessment covered under RG 243.88 - 90 requirements.

 

What is relevant CPE?

The TPB considers relevant CPE to be the maintenance of contemporary and relevant knowledge and skills. 

CPE completed by registered tax practitioners should be relevant to the tax agent or BAS services they provide and the development of their relevant personal knowledge and skills. The TPB considers that CPE will be relevant where the registered tax practitioner can demonstrate a sufficient nexus between the activity and the tax agent or BAS services provided by them. Further, CPE activities should be provided by persons or organisations with suitable qualifications and/or practical experience in the relevant subject area. 

 

The TPB does not intend to be prescriptive regarding particular topics for CPE activities which should be completed. Registered tax practitioners should exercise their professional judgment in selecting relevant CPE activities to be completed.

 

Example  Vince is a registered BAS agent. Vince attends a training session provided by Swift Software. Vince uses the Deluxe Swift software package to assist him in providing BAS services to clients. The TPB considers that while this training session is indirectly relevant to the BAS services Vince provides it will be considered relevant CPE because effective and accurate use of the software package impacts on the skills Vince needs to competently provide BAS services to clients.

 

Example  Klay is a registered tax agent. Klay uses web-based applications to support him in providing tax agent services to his clients. Klay completes a cyber-security awareness training package.The TPB considers this training package as relevant CPE because effective and prudent use of the web-based applications impacts on the skills Klay needs to competently provide tax agent services to clients.

 

CPE activities

  • Examples of CPE activities include: 
  • seminars, workshops, webinars, courses and lectures 
  • structured conferences and discussion groups (including those completed by telephone or video conference) 
  • tertiary courses provided by universities, registered training organisations (RTOs), other registered higher education institutions or other approved course providers (including distance learning)
  • other educational activities, including podcasts, webcasts and blogs, provided by an appropriate organisation 
  • research, writing and presentation by the registered tax practitioner of technical publications or structured training 
  • peer review of research and writing submitted for publication or presentation in structured training 
  • computer/internet-assisted courses, audiotape or videotape packages 
  • attendance at structured in-house training on tax-related subjects by persons or organisations with suitable qualifications and/or practical experience in the subject area covered 
  • attendance at appropriate ATO seminars and presentations 
  • relevant CPE activities provided to members and non-members by a recognised tax or BAS agent association 
  • a unit of study or other CPE activity on the TASA.

The TPB expects that not more than 25 per cent of CPE over a registered tax practitioner’s CPE period should be completed through relevant technical or professional reading. Relevant technical or professional reading may include visual and audio resources. 

 

In addition, the TPB will allow registered tax practitioners to undertake educative health and wellbeing activities, providing the activities constitute no more than 10 per cent of CPE over a registered tax practitioner’s CPE period. These activities could include attending webinars about how to manage stress and self-care, including in relation to the management of staff health and wellbeing.

 

Recording CPE activities

The TPB considers that an important aspect of maintaining knowledge and skills involves recording and reflecting on CPE completed. Effective record keeping allows a registered tax practitioner to ensure that an appropriate amount and type of CPE is completed in relation to the areas in which a registered tax practitioner practises.
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