What’s The Deal With Registered Tax Agents? And Why It Matters For Your Biz
The lowdown on registered tax agents, why working with one is crucial for business success, and red flags to help you spot a dodgy one before drama strikes.
Emma Bowdler
I’m a cheerleader for women and an accountant bursting with personality.
We get it—tax rules aren’t exactly the juiciest of topics. Heck, we’re accountants, and even we think they’re boring as bat sh*t. But if you’re running a business, knowing the basics (before calling in the experts) is a winning strategy.
With recent legislative changes on the horizon from our trusty friends at the Tax Practitioners Board (TPB), here’s what you need to know about registered tax agents—and why it’s worth doing your due diligence (we promise it’s not that painful, we used lists and emojis!).
The TL;DR Version: New Rules, Still Uncool
Not too long ago, a former tax agent in Australia was sentenced to five years jail for fraudulent behaviour and dealing with the proceeds of crime. Yikes. We wish headlines like this were once in a blue moon, but it’s become a bit too common that people are rorting the system, and Canberra’s had enough.
The Government, along with the TPB, are gonna be rolling out stricter requirements for tax agents to boost transparency and keep dodgy operators in check. While it likely means more paperwork for us (boo!), it’s designed to give you greater transparency and peace of mind (yay!).
Slightly Longer Version
They don’t call us the Business BFFs for nothin’, because while you’re busy building your biz, we’ve been keeping a close eye on the new legislative changes for tax agents (someone’s gotta do it! 🥴). Essentially, there are new rules on the table that will change how your tax agent works with you, and we wanted to take a hot minute to break it down for you…
The eight new changes under the Tax Agent Services Determination are designed to reduce misconduct and boost confidence in the tax system, all while ensuring tax agents (hi, hello, it’s us!) adhere to stricter rules. This is on top of our already hella comprehensive Code of Professional Conduct, so it’s really going to weed out the bad ‘guys’.
For most tax practitioners the new ethical requirements apply from 1 July 2025, except larger firms (more than 100 staff), who will need to comply from 1 January 2025. If you’re really having trouble sleeping at night and want to nerd out more over all the changes, there’s an FAQs page on the Code Determination available on the TPB website.
Hold Up, What’s a Registered Tax Agent?
Great question, ok we probably should have started with that. In a nutshell, a registered tax agent is someone who’s licensed by the TPB (that’s the Tax Practitioners Board, remember?) to:
🧮 Do the Numbers:
Figure out what you owe the Australian Tax Office (ATO), what you can claim, and what your tax obligations are
🗄️Do the Paperwork:
Lodge your tax returns, BAS and deal directly with the ATO on your behalf (so you don’t have to endure their hold music 🎵 and sunny personalities)
🏁 Keep it Compliant:
We follow strict professional and ethical standards to keep your taxes legit, and we undergo regular compliance checks
Basically, we help you navigate the world of tax, keeping everything above board, and saving you time, stress, and *potential* costly (and illegal) mistakes, because we believe in paying taxes and because very few people look good in orange.
What Does This Mean for You?
If you’re running a business, these new changes could be a double-edged sword – some might work for you, others might be a bit of a pain.
Here’s the scoop on how the changes to ethical obligations of tax practitioners might impact you as a business owner:
🧐 Greater Transparency:
Your tax agent will now have to be more proactive in flagging any issues that might affect your finances. I mean, most good accountants do this anyway, but think of it kinda like a financial crystal ball, giving you clearer insights into where your cash be flowing.
📋 Better Record-Keeping:
Tax agents will need to keep even more accurate records (hello, yummy spreadsheets!) to ensure nothing gets missed, misplaced, or misunderstood. Again, this should be the shit your accountants are already doing, but now it’s gonna be required to keep your registration intact.
💸 Possibly Higher Costs:
Let’s be real—extra paperwork can mean extra hours, and that might mean extra costs passed on to you. Time will tell how much of a pinch this puts on your wallet.
👇
Consider this your friendly Business BFF reminder that The Women’s Accountant is a fixed fee firm (find out more about what that means), aaaaaaand not all accountants are created equal.
Make sure you’re working with someone who really knows their stuff; someone who is actually *licensed* to handle your taxes, and won’t send you into a spiral (or jumpsuit) come tax time.
BIG Red Flags to Watch For
A registered tax agent plays by the rules—no shady shortcuts, no sneaky side deals. Just solid advice and good ol’ fashioned honesty. So if your tax agent pulls any of these, it’s probably time to grab your receipts and run:
🚩 Asking for Your myGov Login:
Hard no. That’s your personal portal, and only you should access it. A legit agent has their own registered systems for interacting with the ATO.
🚩 Promising ‘Guaranteed Refunds’:
No one can promise that. If they’re making wild claims, they’re probably taking wild risks (with your money).
🚩 Insisting on Cash-Only Payments:
If there’s no trail, it’s a tale you don’t want to be part of.
🚩 Getting Cagey About Fees:
Transparency is key. You should always know what you’re paying for.
🚩 No Written Agreement:
If there’s no contract, there’s no clarity. Legit agents spell everything out in writing.
🚩 Asking You to Sign Blank Documents:
Just… no. Never, ever, under any circumstances.
What If You’re Not Sure Your Accountant Is Legit?
A bit like whether you want that second (fifth) piece of chocolate cake or not, trust your gut.
If alarm bells are pinging or you’re just not 100% sure about your tax agent, here are a few bits of ‘DD’ you can do…
🔍 Check the TPB Register:
Head to the Tax Practitioners Board website and search for their name. If they’re not on the list, they’re not licensed to handle your taxes. Want to give it a go? Try searching ‘Emma Bowdler’ to see how it works.
📞 Ask for Clarification:
Don’t be shy—ask your tax agent directly about their registration status. If they’re legit, they should be more than happy to share their credentials.
💻 Look for the Symbol:
Registered tax agents should display the Registered Tax Practitioner symbol—it’s like their little badge of honour and trustworthiness.
Still Scratching Your Head?
If you’re still scratching your head (and it’s not because your kids brought home nits from school camp!), and you want to chat about how these changes to registered tax agents could affect you or your business, we gotchu.
Drop us a line or book a half an hour discovery call below.
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