Tax practitioner COVID concessions extended

Tax practitioners COVID concessions

Tax practitioners have had the COVID-19 concessions regarding their renewal and registration requirements extended.

The Tax Practitioners Board (TPB) has extended the concessions introduced as a result of the COVID-19 pandemic, assisting its members to satisfy their renewal and registration requirements.

The extension means tax practitioners now have until 31 December to comply with their continued professional education (CPE), including both formal activities and private reading requirements. The original extension ended on 30 September.

In addition, the renewal concession will now continue until 30 June 2021, as will the relevant experience concession.

The annual declaration deadline had already been pushed out to 31 December 2020.

The announcement reflects the member body’s commitment to further assisting tax practitioners to meet their compliance obligations during a time when they are experiencing a range of changed business conditions, according to TPB chair Ian Klug.

“Given the COVID-19-related challenges during the year, we have been swift to relax regulatory requirements, including annual declarations, registrations and CPE requirements,” Klug said.

“The TPB is committed to continuing to provide support and to be pragmatic in recognition of the broad range of impacts of the pandemic on tax practitioners and their clients.”

According to Klug, the coronavirus has resulted in a variety of changed workflows, with some practitioners experiencing an increase in demand for their services and others seeing a drop off.

To this end, he recognised those members who have had a reduction in their workflow could find it difficult to satisfy the relevant experience standard required.

“These extensions to the original concessions announced by the TPB in March are intended to provide tax practitioners with additional reassurance that their health and well-being is our number one priority,” he said.

“We encourage tax practitioners to contact the TPB if they are encountering difficulties in meeting their TPB obligations so that we can consider their individual circumstances and work with them to find an appropriate outcome.”

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