Professional Standards Council
The Professional Standards Council approved a new Professional Standards Scheme for members with a CPA Australia Public Practice Certificate (PPC) in Australia (with the exception of Tasmania) in 2013.
The schemes provide continuation of limited liability cover for Members.
- New South Wales – 8 October 2013
- Australian Capital Territory - 1 February 2014
- Queensland - 1 February 2014
- Northern Territory - 1 February 2014
- Western Australia - 1 February 2014
- South Australia – 13 February 2014
- Victoria – 21 April 2014
It is compulsory for CPA Australia Public Practice Certificate holders in mainland Australia to become members of CPA Australia's Limited Liability Scheme (LLS).
- You pay $55 (including GST) to be a member of a CPA Australia LLS scheme. The fee is included on your yearly subscription renewal notice.
- You must notify clients (and potential clients) of your limited liability on your business stationery and website. This notification is in the form of a disclosure statement: Liability limited by a scheme approved under Professional Standards Legislation.
- You must hold a minimum $2 million in professional indemnity (PI) insurance.