The Federal Government has provided additional funding to the Tax Practitioners Board (TPB) in a move aimed at protecting consumers.
The move, entailing ongoing additional funding, has been welcomed by the chairman of the TPB, Ian Taylor who said it would ensure the board was able to continue to meet its legislative responsibilities.
The Government said the additional funding would be offset by an increase in application fees for tax practitioners.
The TPB said the increase across all tax practitioner application fee types better reflected the TPB’s costs to register tax practitioners and applied to those entities that used the TPB’s services.
The fee changes will see tax agents paying a registration fee of $675, while financial planners pay $540 and BAS agents pay $135.
The new fees are subject to regulatory approval but are intended to become effective from 1 July, 2018.