Quote and bind the PI first
With the policy noting that TPB registration is applied for. The markets we use for tax practitioners have quoted on that basis, subject to their own terms.
BOOKKEEPER AND BAS AGENT INSURANCE
PI Insurance for a New BAS Agent or Tax Agent Registration
The TPB requires registered agents to maintain PI insurance that meets its requirements and to notify the Board of the cover, so most applicants arrange the policy up front rather than after approval. You pick the limit from a turnover estimate rather than a history, you name the insured to match how you will practise, and the certificate of currency goes into the application. New registrants we have placed have generally paid approximately $600 to $700 a year. That is a guide from past placements, not a quote.
EstimateTurnover for the tier, not history
~$600 to $700New registrants we placed, indicative
MatchInsured name to registration
24 to 72hUsual certificate turnaround, all information in
Premiums and outcomes described are specific to this client and indicative only. Your own terms will depend on your circumstances and the insurer.
THE SHORT ANSWER
How do I get professional indemnity insurance for a new BAS agent or tax agent registration in Australia?
Most applicants bind the PI policy first, with the insurer noting that TPB registration has been applied for, then use the certificate of currency in the application, because the TPB requires registered agents to hold compliant PI and to notify it of the cover. With no fee history, the limit is set from a reasonable estimate of the coming year's fees excluding GST: the TPB minimum is $250,000 up to $75,000 in fees and $500,000 from $75,001 to $500,000. Name the insured to match how you will practise, especially if the registration is in your own name and you trade through a company. New registrants Tank has placed paid approximately $600 to $700 a year. Guide only, not a quote.
Where an estimate sits near a tier boundary, it is worth pricing the higher tier before you bind. On our placements a $500,000 or $1,000,000 limit has often sat within a couple of hundred dollars of the floor, and on one submission it was cheaper.
- Order
- Policy first, then TPB
- Limit basis
- Fee estimate, ex GST
- Placed premiums
- ~$600 to $700
- Certificate
- On binding, 24 to 72h
Use the certificate of currency in the TPB application
It shows the insured name, limit, period and retroactive date.
Tell us when the registration is approved
And in whose name. If it lands in a director's personal name while you trade through a company, the policy may need a note or an endorsement so both are covered.
If you are applying as an individual but will operate through a company with another director or principal, say so up front. The insured entity, the registrant and the invoicing entity have to line up, or a claim can fall between them.
$600 to $700 New registrants we placed Indicative
$250,000 TPB minimum under $75,000 in fees Tier 1
$500,000 TPB minimum from $75,001 in fees Tier 2
| New registrant | Estimated fees | TPB minimum | Outcome (approx.) |
|---|---|---|---|
| Accountant registering as a tax agent, sole practitioner, metropolitan NSW (quoted, not placed with us) | $50,000 | $250,000 | $500,000 quoted from $600; $250,000 at $1,100; $1,000,000 from $900 |
| Newly registered tax agent trading through a company, licence in director's name, South Australia | Around $75,000 | $250,000 | Placed at $650 for $500,000, below every $250,000 quote returned on that submission |
| New tax and accounting company, metropolitan NSW | Around $100,000 | $500,000 | Placed at $600 |
| First-year bookkeeper, no BAS registration yet | Under $20,000 | Not yet required | Quoted from $450 for $2,000,000; placed with public liability combined at $950 |
Two observations from that table: on these submissions the TPB minimum was not the cheapest option once a specialist market was included, and a $1,000,000 limit sat within a couple of hundred dollars of the floor. Where an estimate sits near a tier boundary, it is worth pricing the higher tier before you bind rather than endorsing mid-year.
No fees yet at all
Quote on the estimate and say the practice is pre-revenue.
Offshore domicile
If the insured entity or registrant is based outside Australia, the panel narrows sharply. On the one enquiry of this kind we handled, the markets we approached would not write it. Raise it before you apply so the placement question is answered first.
Financial advice
Any advice on financial products sits outside a bookkeeper or tax agent policy and requires separate licensing. If you will not give it, the policy should say so.
Consulting beyond tax and bookkeeping
HR advice, payroll consulting and business advisory are quoted, but they change the occupation the underwriter rates and can trigger a referral.
FREQUENTLY ASKED QUESTIONS
New Registration PI FAQs
In practice most applicants arrange it first. The TPB requires you to hold PI that meets its requirements and to notify it of the cover, so the policy is usually bound with a note that registration is applied for, and the certificate of currency goes into the application. The markets we use for tax practitioners have quoted on an applied-for basis, subject to their own terms.
Estimate the coming year's fees excluding GST and use the TPB tier for that estimate: $250,000 up to $75,000 in fees, $500,000 from $75,001 to $500,000. Keep a note of the estimate. On our placements the $500,000 or $1,000,000 options have often sat within a couple of hundred dollars of the $250,000 floor, and on one submission the $500,000 quote was cheaper.
The policy needs to cover both the company that invoices and the individual registrant. Depending on the insurer's wording that is done by naming the company as the insured with you as a principal, or by naming you and noting the company. Tell us how the registration and the invoicing are set up before we bind, so the insured name matches.
New registrants we have placed paid approximately $600 to $700 a year, including government charges. A first-year bookkeeper without BAS registration was quoted standalone PI from approximately $450 for $2,000,000 and placed PI and public liability combined at approximately $950. Guide only, not a quote.
It is difficult. Australian markets for this class generally want an Australian-domiciled insured, and on the one enquiry of this kind we handled the markets we approached would not write it. If you are based outside Australia, raise it before applying so the placement question is answered first.
With the services description, fee estimate and structure confirmed, quotes usually come back within a day or two and the certificate is issued on binding. Allow 24 to 72 hours from complete information to certificate in most cases.
RELATED GUIDES
More for Bookkeepers and BAS Agents
QUOTE REQUEST
Get PI for your TPB application
Tell us whether you are registering as a BAS agent or tax agent, your fee estimate for the first year, and whether you will trade as an individual or through a company.
Specialist broker review Australian business insurance
Certificate of Currency for Your Registration
We approach markets that quote on applied-for registration, match the insured name to your structure, and put two limits in front of you so you can see the gap between the floor and the next tier.