The Self-Managed Super Fund Professionals' Association of Australia (SPAA) has qualified as a recognised tax agent association under the new national Tax Practitioners Board, as one of nine associations to do so.
The new Tax Practitioners Board is an independent statutory authority with responsibility for administering the Tax Agent Services Act 2009. It replaces six state-based Tax Agent Boards.
SPAA's qualification as a recognised tax agent association follows a change to the Tax Practitioners Board requirements that allows individuals to become qualified as a tax agent if they are a voting member of a recognised tax agent association and have eight years of full-time relevant experience in the preceding 10 years.
SPAA chair Sharyn Long said SPAA's qualification as a recognised tax agent association means accredited specialist members of SPAA, those with an SSA or SSAud accreditation, are already past the first post on one of the major tests for becoming a tax agent.
"It provides members with a streamlined process for registering. It means that SPAA specialists should have to provide less evidence," she said.
"Membership of SPAA is already demonstration that you have achieved the minimum educational requirements."
In order to qualify as a recognised tax agent association, the industry body was required to demonstrate to the Tax Practitioners Board that it is a non-profit organisation, and that it has adequate corporate governance and operational procedures, professional and ethical standards for its voting members and adequate complaints processes, as well as high educational standards in order for members to become voting members.
"Our qualification endorses the high professional standards required to be a specialist SPAA member," Long said.
"It's recognition of the fact that there are already high hurdles for SPAA members in the first place - in the form of our rigorous minimum entry requirements and ongoing CPD," she said.
