Business owners face potentially putting their business at risk by engaging with an unregistered tax or BAS agent, and as such are being urged to ensure their agent is compliant.
The warning comes from the ATO, which recently told a database of taxpayers that they could be putting their business at risk by using unregistered agents.
This is in line with the Tax Practitioners Board’s campaign to ensure on-time registration of tax professionals.
While the TPB has reported issues with the registration of tax (financial) advisers, tax and BAS agents have been largely compliant with their registration this year and historically.
The TPB is particularly pleased with the on-time registration of the BAS agent community, which has only been required to be registered with the TPB since 2010.
“Historically this was an unregulated profession, and there was no requirement prior to 2010 for these people to be registered,” said Ian Taylor, chair of the Tax Practitioners Board.
“So having gone through that transition from an unregulated environment to now having all these BAS agents registered with and regulated by the board, that’s a much better place to be in than we were seven years ago.”
He added: “BAS agents, throughout that process, have towed the line and done everything that has been asked of them.”