Tax Agents will be required by the Tax Practitioners Board to have Professional Indemnity Insurance as of July 2011.
The requirement applies to all tax and business activity statement (BAS) advisers who provide tax and BAS services for a fee.
The Tax Practitioners Board is proposing a minimum level of cover of $250,000 for turnover of up to $75,000.
The insurance must cover contractors and employees, and must include run off cover if the agent stops providing services. The excess must be no more than 4 per cents of the agent’s turnover, or less than $1,000.
If you currently do not have Professional Indemnity Insurance and would like a quote to ensure your business has the required insurance cover in place, please contact Holger Schnabel on 1300424627.