Aussie accountants oppose new regulations

Australia's accounting body is concerned new legislation will lead to an increase in accounting costs for small business and could also put many tax agents out of business.

The Institute of Chartered Accountants across the Tasman believes the legislation in its current form will cause more problems than it solves and is calling on the Federal Government to modify it.

The draft Tax Agents Services legislation follows years of concern by the tax office about poor book-keeping standards leading to incorrect tax returns.

It is designed to raise standards at the bottom end of the accounting profession.

The key points include minimum qualifications for bookkeepers, greater consumer protection, and allowing a wider range of people to become tax agents.

- RADIO AUSTRALIA