The Australian Taxation Office and Tax Practitioners Board have introduced new requirements for Tax Agents and BAS Agents to verify the identity of their clients. This is to combat the increasing prevalence of identity theft and tax fraud.
EMspire Advisory, as tax agents, will be required to sight appropriate proof of identity documents when onboarding new clients.
A minimum of two ID documents need to be provided with one being a photographic ID document. Appropriate ID documents include the following:
• Driver’s license
• Passport
• Government-issued proof of age card
• Birth certificate
• Medicare card
• ATO or Centrelink notices that shows the name and residential address
• Council rates notice or utility bill
• Government concession cards (pensioner, health care, or senior health care cards)
Where the new client is not an individual (such as a company, partnership, or trust), appropriate proof of identity checks include:
• Verification check of the nominated individual representative of the entity (such as a director, partner, or individual trustee)
• ASIC and ATO records to confirm the name, ACN and ABN
• Trust deed
• Partnership agreement
• Constitution
• Proof of entity’s business address
• Invoices issued or received in the entity’s name
Tax and BAS agents only need to sight the ID documents and are not required to retain copies. EMspire Advisory will conduct client verification checks and will not keep copies of any ID documents.
More information can be found on the TPB website and the ATO website.
Please contact us with any questions.
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.
The team at EMspire Advisory are experienced Chartered Accountants, bookkeepers, and tax agents in Sydney and would like to help you create, grow and succeed in business.