(b) a written order (a registration suspension order), in relation to a relevant provider, that suspends all of the relevant provider’s registrations under section 921ZC for a period (the suspension period) specified in the order;

(c) a written order (a registration prohibition order), in relation to a relevant provider, that:

(i) cancels all of the relevant provider’s registrations under cancellation time) specified in the order; andsection 921ZC at a time (the

(ii) provides that the person who is or was the relevant provider is not to be registered under prohibition end day) specified in the order.section 921ZC until after a day (the

each registration of the person under section 921ZC will cease to be in force at the cancellation time specified in the order (unless the registration has ceased to be in force at an earlier time) (see sections 921ZD and 921ZE); and

ASIC must refuse to register the person until after the prohibition end day specified in the order (see subsection 921ZC(3)).

an application is made in accordance with section 921ZA by a relevant provider; and

ASIC registers the relevant provider under subsection (1) of this section;

an application is made in accordance with section 921ZB to register a relevant provider; and

ASIC registers the relevant provider under subsection (1A) of this section;

the relevant provider; and

the applicant.

the relevant provider; and

if the refusal relates to an application made in accordance with section 921ZB—the applicant.

comes into force when ASIC records in the Register of Relevant Providers that the relevant provider is registered in relation to the licensee; and

remains in force until the earliest of the following:

the cancellation time specified in any registration prohibition order in force against the relevant provider;

the time when any banning order against the relevant provider takes effect;

the licensee ceases to authorise the relevant provider to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products.

whether a registration under section 921ZC of the relevant provider is in force;

immediately before 1 January 2022, either:

the person was a registered tax (financial) adviser; or

an application under section 20-20 of the old Tax Agent Services Act for the registration of the person as a registered tax (financial) adviser had not been finally determined; or

an application under section 20-50 of the old Tax Agent Services Act for the renewal of the person’s registration as a registered tax (financial) adviser had not been finally determined; and

on or after 1 January 2022, either:

the person’s registration as a registered tax (financial) adviser continues in force because of item 139 of Schedule 1 to the amending Act; or

the person’s registration, or renewed registration, as a registered tax (financial) adviser comes into force because of item 140 of Schedule 1 to the amending Act.

if the application to register the relevant provider was made in accordance with section 921ZA—as if the relevant provider had been registered under subsection 921ZC(1) as substituted by the amending Part;

if the application to register the relevant provider was made by a financial services licensee in accordance with section 921ZB—as if the relevant provider had been registered under subsection 921ZC(1A) as substituted by the amending Part in relation to the financial services licensee.

the application was made in accordance with section 921ZA as in force immediately before the commencement of the amending Part; and

ASIC had not made a decision under section 921ZC before the commencement of the amending Part in relation to the application.

the application was made in accordance with section 921ZB as in force immediately before the commencement of the amending Part; and

ASIC had not made a decision under section 921ZC before the commencement of the amending Part in relation to the application.

was in force immediately before the commencement of the amending Part in relation to a registration under subsection 921ZC(1) of a relevant provider; and

specified a suspension period ending after that commencement.

is specified in paragraph 921L(1)(b) as substituted by the amending Part; and

suspends that registration for the remainder of the suspension period.

if the application to register the relevant provider was made in accordance with section 921ZA—as if that registration had been under subsection 921ZC(1) as substituted by the amending Part;

if the application to register the relevant provider was made by a financial services licensee in accordance with section 921ZB—as if that registration had been under subsection 921ZC(1A) as substituted by the amending Part in relation to the financial services licensee.

was in force immediately before the commencement of the amending Part in relation to a registration under subsection 921ZC(1) of a relevant provider; and

specified a cancellation time for that registration; and

specified a prohibition end day that is after the commencement of the amending Part.

is specified in paragraph 921L(1)(c) as substituted by the amending Part; and

if the cancellation time is at or after the commencement of the amending Part—cancels at the cancellation time the relevant provider’s registration under subsection 921ZC(1) or (1A) as substituted by the amending Part; and

provides that the person who is or was the relevant provider is not to be registered under subsection 921ZC(1) or (1A), as substituted by the amending Part, until after the prohibition end day.

the International Sustainability Standards Board; or

another body specified by the regulations.

having accounting standards, auditing standards and sustainability standards that are clearly stated and easy to understand; and

to provide broad oversight of the processes for setting in Australia:

accounting standards; and

auditing standards; and

sustainability standards; and

the functions specified in the following subsections:

subsection (1A) (standards functions);

subsection (2) (AASB governance functions);

subsection (2A) (AUASB governance functions);

subsection (2B) (auditor quality functions); and

monitoring the development of international accounting standards, international auditing standards and international sustainability standards; and

monitoring the development of the accounting standards, auditing standards, and sustainability standards that apply in major international financial centres; and

furthering the development of a single set of each of the following for world-wide use with appropriate regard to international developments:

accounting standards;

auditing standards;

sustainability standards; and

promoting the continued adoption of international best practice:

accounting standards; and

auditing standards; and

sustainability standards;

monitoring the operation of:

accounting standards; and

auditing standards; and

sustainability standards;

monitoring the effectiveness of the consultative arrangements used by the AASB and the AUASB.

to develop conceptual frameworks, not having the force of standards, for the purpose of evaluating:

proposed accounting standards and international accounting standards; and

proposed sustainability standards and international sustainability standards; and

to formulate sustainability standards; and

to participate in and contribute to the development of each of the following for world-wide use:

a single set of accounting standards;

a single set of sustainability standards; and

may make or formulate an accounting standard by issuing the text of an international accounting standard; and

may formulate a sustainability standard by issuing the text of an international sustainability standard.

to the extent necessary to take account of the Australian legal or institutional environment; and

in particular, to ensure that any disclosure and transparency provisions in the standard are appropriate to the Australian legal or institutional environment.

a draft international accounting standard; or

a draft international sustainability standard;

to formulate auditing and assurance standards for sustainability and other purposes; and

accounting standards;

sustainability standards.

must have regard to the suitability of a proposed standard for different types of entities; and

may apply different sustainability requirements to different types of entities.

accounting standards or international accounting standards;

sustainability standards or international sustainability standards.

the registration and regulation, by a national Board, of entities that provide *tax agent services; and

a *Code of Professional Conduct for *registered tax agents and BAS agents; and

sanctions to discipline entities in relation to their conduct as a *registered tax agent or BAS agent; and

sanctions where tax agent services are provided otherwise than in accordance with this Act.

you know, or ought reasonably to know, that the entity is a *disqualified entity; and

the Board has not given you approval under section 45-5 to employ, or use the services of, the disqualified entity to provide tax agent services on your behalf.

when seeking to provide, or providing, tax agent services on the registered tax agent or BAS agent’s behalf; or

if the entity is seeking to enter an arrangement, or has an arrangement, with the registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent.

has been convicted of:

a *serious taxation offence; or

a *serious offence; or

an offence involving fraud or dishonesty; or

has been penalised for being a *promoter of a *tax exploitation scheme; or

has been penalised for implementing a *scheme that has been promoted on the basis of conformity with a *product ruling in a way that is materially different from that described in the product ruling; or

has become an undischarged bankrupt or has gone into *external administration; or

has had action taken against it under subsection 30-15(2) (sanctions for failure to comply with the Code of Professional Conduct); or

has had its registration terminated, under Subdivision 40-A; or

has had an application for registration or renewal of registration rejected under section 20-25, other than a rejection on the ground that the Board is not satisfied that the entity meets the requirements in paragraph 20-5(1)(b); or

has been found by the Board, after being investigated under section 60-95, or by a Court, to have contravened this Act.

in the form approved by the Board; and

accompanied by any documents that are required by the Board.

within 60 days of receiving your application; or

if, within 60 days of receiving your application, you and the Board agree on a longer period for the Board to decide your application—within the agreed period.

the reasons why the entity is a *disqualified entity and the circumstances relating to those reasons; and

the proposed role that the entity would perform in providing the *tax agent services on your behalf; and

the extent to which the reasons why the entity is a disqualified entity are relevant to the entity’s ability to perform the proposed role to an appropriate standard of professional and ethical conduct; and

any other matters that the Board considers relevant.

the decision; and

if the Board rejects your application—the reasons for the decision.

you are a *disqualified entity; and

you are seeking to provide *tax agent services on behalf of a *registered tax agent or BAS agent;

enters into a contract to employ you, or use your services, to provide tax agent services on the registered tax agent or BAS agent’s behalf; or

renews such a contract; or

agrees to extend such a contract.

you are a *disqualified entity; and

you are seeking to enter into an *arrangement with a *registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent;

enters into an arrangement with you in connection with the provision of tax agent services by the registered tax agent or BAS agent; or

renews such an arrangement; or

agrees to extend such an arrangement.

for an individual—250 penalty units; and

for a body corporate—1,250 penalty units.

you are providing *tax agent services on behalf of a *registered tax agent or BAS agent; or

there is an *arrangement in force between you and a *registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent;

for an individual—250 penalty units; and

for a body corporate—1,250 penalty units.

immediately before the day this section commences a *registered tax agent or BAS agent employs you, or uses your services, to provide *tax agent services on the registered tax agent or BAS agent’s behalf; and

at the start of the day this section commences you are a *disqualified entity; and

immediately before the day that is 12 months after the day this section commences the registered tax agent or BAS agent employs you, or uses your services, to provide tax agent services on the registered tax agent or BAS agent’s behalf; and

you have not already notified the registered tax agent or BAS agent under section 45-10 or 45-15 that you are a disqualified entity;

immediately before the day this section commences there is an *arrangement in force between you and a *registered tax agent or BAS agent in connection with the provision of *tax agent services by the registered tax agent or BAS agent; and

at the start of the day this section commences you are a *disqualified entity; and

immediately before the day that is 12 months after the day this section commences there is an arrangement in force between you and the registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent; and

you have not already notified the registered tax agent or BAS agent under section 45-10 or 45-15 that you are a disqualified entity;

for an individual—250 penalty units; and

for a body corporate—1,250 penalty units.

the entity is a *disqualified entity; and

the Board has given you approval under section 45-5 to employ, or use the services of, the disqualified entity to provide *tax agent services on your behalf.

a decision under section 45-5 to reject an application for approval to employ, or use the services of, a *disqualified entity;

(a) A New Tax System (Australian Business Number) Act 1999;section 9 of the

(b) sections 202CD and 202CF of the Income Tax Assessment Act 1936;

(c) the Superannuation Guarantee Charge Act 1992;

(d) Part 3B of the Superannuation Industry (Supervision) Act 1993;

(e) Part 5-30 in Schedule 1 to the Taxation Administration Act 1953.

enter into a contract to employ, or use the services of, an entity to provide tax agent services on your behalf; or

renew such a contract; or

agree to extend such a contract;

enters into an arrangement with you in connection with the provision of tax agent services by you; or

renews such an arrangement; or

agrees to extend such an arrangement;

amounts received by the Commonwealth under this Act (other than amounts received by way of penalty or amounts related to such amounts);

amounts appropriated by the Parliament for the purposes of the Account.

paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in the performance of the Board’s functions under this Act;

paying any remuneration and allowances payable to any person under this Act (including APS employees mentioned in section 60-80);

reducing the balance of the account (and therefore the available appropriation for the account) without making a real or notional payment.

(a) before the commencement of this Part, an amount is received by the Commissioner, on behalf of the Commonwealth, under the Tax Agent Services Act 2009; and

all or some of the amount is refunded by the Commonwealth on or after the commencement of this Part;

Part 2 (Registration); and

Subdivision 30-C (Notifying a change of circumstances); and

Part 4 (Termination of registration); and

section 60-25 (Appointment of Tax Practitioner Board members); and

a partner in a partnership that is a *prescribed tax agent;

an *executive officer of a company that is a prescribed tax agent;

a former partner in a partnership that is currently a prescribed tax agent, if the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the partnership;

a former executive officer of a company that is currently a prescribed tax agent if either of the following apply:

the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the company;

the individual holds *shares in the company.

is a *registered tax agent or BAS agent; and

has more than 100 employees.

you have reasonable grounds to believe that:

you have breached the *Code of Professional Conduct; and

the breach is a *significant breach of the Code; or

you become, or ought to have become, aware that the event occurred (unless paragraph (1)(ba), (2)(ba) or (3)(ba) applies); or

if paragraph (1)(ba), (2)(ba) or (3)(ba) applies—you first have, or ought to have, reasonable grounds to believe that you have breached the *Code of Professional Conduct, and that the breach is a *significant breach of the Code.

another registered tax agent or BAS agent has breached the *Code of Professional Conduct; and

the breach is a *significant breach of the Code.

the other agent is a member of a professional association accredited by the Board under the regulations; and

you are aware of that other agent’s membership;

constitutes an indictable offence, or an offence involving dishonesty, under an *Australian law; or

results, or is likely to result, in material loss or damage to another entity (including the Commonwealth); or

is otherwise significant, including taking into account any one or more of the following:

the number or frequency of similar breaches by the agent;

the impact of the breach on the agent’s ability to provide *tax agent services;

the extent to which the breach indicates that the agent’s arrangements to ensure compliance with the Code are inadequate; or

is a breach of a kind prescribed by the regulations for the purposes of this paragraph.

the purchase of the interest were a *frankable distribution equal to the one that would have arisen if the entity:

purchased the interest *off-market; and

in the case of a *listed public company—were not a listed public company; and

both:

the purchase is announced to the market at or before the time the purchase occurs; and

the purchase is first announced to the market after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022; or

both:

the purchase is not announced to the market, or the purchase is first announced to the market after the purchase occurs; and

the purchase occurs after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022.

the rules of an approved stock exchange require the company to notify the stock exchange of the purchase for the purpose of release to the market; and

notification of the purchase is released to the market following such disclosure.

both:

the cancellation is announced to the market at or before the time the cancellation occurs; and

the cancellation is first announced to the market on or after 18 November 2022; or

both:

the cancellation is not announced to the market, or the cancellation is first announced to the market after the cancellation occurs; and

the cancellation occurs on or after 18 November 2022.

the rules of an approved stock exchange require the company to notify the stock exchange of the cancellation for the purpose of release to the market; and

notification of the cancellation is released to the market following such disclosure.

a distribution or a part of a distribution to which subsection 207-159(1) of this Act applies (distributions funded by capital raising);

either:

the entity has a practice of making distributions of that kind on a regular basis and the relevant distribution is not made in accordance with that practice; or

the entity does not have a practice of making distributions of that kind on a regular basis;

there is an issue of *equity interests in the entity or any other entity (whether before, at or after the time at which the relevant distribution was made);

it is reasonable to conclude having regard to all relevant circumstances that:

the principal effect of the issue of any of the equity interests was the direct or indirect funding of a substantial part of the relevant distribution or the relevant part; and

any entity that issued, or facilitated the issue of, any of the equity interests did so for a purpose (other than an incidental purpose) of funding a substantial part of the relevant distribution or the relevant part;

the issue of the equity interests was not a direct response in order to meet a requirement, direction or recommendation from *APRA or *ASIC.

the nature of distributions made by the entity before the time at which the relevant distribution was made (including the extent to which such distributions were a return on capital);

the timing of such distributions;

the amount of such distributions;

any explanations given by the entity for making such distributions;

the amount of the *franking credits on, and the *franking percentages for, such distributions;

any other relevant consideration.

the distribution:

is a *franked distribution; or

would be a franked distribution if subsection (1) did not apply to it; and

subsection (1) would apply to all or any part of the distribution if paragraph (1)(a) were omitted.

the extent to which the time (or times) at which any of the *equity interests mentioned in that paragraph were issued differs (or differ) from the time at which the relevant distribution was made;

the extent to which the amount of the funds from the issue of any of those equity interests differs from the amount of the relevant distribution or the relevant part (as the case may be);

the extent to which the financial position of any of the following entities changed as a result of the relevant distribution (or any part of the relevant distribution) and the issue of any of those equity interests:

the entity that made the relevant distribution;

an entity that, before, at or after the time at which the relevant distribution was made, was a *connected entity of that entity;

if the entity in which those equity interests were issued is not the entity that made the relevant distribution—the entity in which those equity interests were issued;

the use of the funds from the issue of any of those equity interests;

whether there are any reasons for the issue of any of those equity interests other than the funding of the relevant distribution (or any part of the relevant distribution);

the extent to which the issue of any of those equity interests was underwritten (whether formally or informally);

how the history of the amounts of *franking surplus or *franking deficit for the *franking account of the entity that made the relevant distribution compares to:

the history of profits and or loss of that entity; and

the history of the balance of the share capital account of that entity;

if the entity that made the relevant distribution is not the entity in which those equity interests were issued—the nature and extent of the relationship between those entities;

the extent to which:

the entity to which the relevant distribution was made; and

other entities to which analogous distributions were made;

(iii) other entities to which analogous distributions were not made, but which were entitled to analogous distributions;

other distributions (if any) made by the entity that made the relevant distribution (whether before, at or after the time at which the relevant distribution was made);

any other relevant consideration.