Module 3 - FA1

Chapter 9: Tax Agents

Chapter Review Questions ns

QUESTION 9.1 (Academic requirements) The following individuals have applied for registration as a Registered Tax Agent.  Sally has completed all of the subjects in her Diploma of Accounting. She has also completed the income tax law subjects in the Advanced Diploma and has only management accounting and financial management subjects remaining.  Ethan has completed his Advanced Diploma of Accounting. He has passed all of the relevant units of competency but chose to study auditing subjects rather than income tax law as his electives as he felt they may be easier to pass.  Kurt has completed his Bachelor of Commerce majoring in accounting. Although the course is intended to be studied over three years, Kurt failed and was required to redo five of his subjects including all the tax law subjects. This resulted in Kurt requiring four years to complete the course.  Gael has completed a Masters of Accounting at a university in France, his native country. He achieved consistently high grades including high distinctions in taxation law and commercial law.  Monty has completed a Bachelor of Economics majoring in accounting in India, his native country. Since he has lived in Australia, he has undertaken a ‘bridging’ program designed to allow him to join an Australian professional accounting body. The course encompasses subjects in Australian commercial law, taxation law and financial reporting. Giving reasons, indicate which applicants have satisfied the academic qualifications criteria set out in the Tax Agent Services Regulations 2009 (Regulations) . (Application for registration) Damien Omen is aged 23. He has successfully completed the income tax law subjects in his Bachelor of Commerce (Accounting) course but has a further four subjects still to complete. Damien has worked for Jason Myers, a registered tax agent, for the past six months preparing individual tax returns and checking their assessments. Damien has not lodged his 2015/16 income tax return which is now two years overdue. Further, he was convicted of furnishing a false and misleading statement for his 2014/15 return. Damien wishes to obtain registration as a tax agent, and undertake a business as a tax agent. What must he do to apply for registration? Is his application likely to be successful? Why or why not? Give all applicable reasons. QUESTION 9.2

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