The Limited Practice Certificate (LPC) is a concessional Public Practice Certificate (PPC), designed to support members who are either entering or exiting public practice.

To ensure the same high level of service for consumers, the professional obligations for members who hold an LPC are the same as for those who hold a full PPC. The main differences between an LPC and a PPC are that:

• a member holding an LPC is restricted to earning gross fees of between $7500 and $25,000 per year from public accounting services
• some of the costs of professional obligations (such as professional indemnity insurance and quality assurance) may be reduced, based on individual risk profiles

The prerequisites for an LPC are the same as the PPC. You must:

• be a CPA or FCPA
• have completed the CPA Program tax segment
• have appropriate work experience as defined in the by-laws

To be granted an LPC, you need to fulfil the following requirements:

• complete an applicable distance learning program (see below) or hold a current PPC
• provide proof of professional indemnity insurance
• complete the LPC application form
• pay the annual LPC fee

Options for meeting the distance learning requirement for a Limited Practice Certificate

Option one

If you want to provide part-time services only and do not plan to earn more than $25,000 gross fees per annum from public accounting services, you can complete the CPA 202 Limited Practice Certificate distance learning program.

If you decide later to complete the Public Practice Program and obtain a PPC, you will not receive any credit for completing the Limited Practice Certificate distance learning program. Instead, you will need to complete in full both the distance learning component of the Public Practice Program, CPA 201 Practice Management, and the residential component.

Option two

You can complete the distance learning component of the Public Practice Program (now entitled CPA 201 Practice Management).

If you plan to make a career in public practice and intend to complete the Public Practice Program in the future, to obtain your full PPC you will only be required to complete the Public Practice Program Residential within five years of passing the CPA 201 examination.

How to apply for the LPC

If you have met all the requirements for the LPC, please download and complete the LPC application form.

Further information

• frequently asked questions about the LPC
• regulations of public accounting services summary (effective 15 January 2008)
• For additional information please contact your divisional Public Practice representative on 1300 73 73 73