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The Tax Practitioners Board, a national board regulating tax agents, has introduced new Professional Indemnity (PI) insurance requirements for registered Business Activity Statement (BAS) and tax agents which take effect from 1 July 2011.
Premiums start at - $366.00 for $250,000 cover
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| * installment options are available
* GST & State Stamp Duty to be added
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This policy is underwritten by QBE Insurance. It has been specifically designed to meet the new requirements, with the following additional benefits:
- Cover for contractors and consultants (indemnified as employees subject to qualifying criteria)
- Court attendance costs ($250 per day for employees; and $500 per day for partners, principals and directors)
- Extended reporting period (60 days) if policy is not renewed or replaced
- Fines and penalties ($100,000 sub-limit)
- Cover for breaches of the Tax Agent Services Act
- Public relations expenses ($50,000 sub-limit)
- QBE Legal Panel
- Runoff cover (12 months).
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