Draft policy guidance to assist tax practitioners in understanding the new obligations contained within the final version of Tax Agents Services (Code of Professional Conduct) Determination 2024 has now been released for consultation.
The Tax Practitioners Board (TPB) said it is seeking feedback from tax practitioners stakeholders on the draft guidance to help shape the final version of its guidance.
The TPB has issued a total of six draft information sheets which include:
- Upholding and promoting the ethical standards of the tax profession (TPB(I) D56/2024)
- False or misleading statements (TPB(I) D57/2024)
- Managing conflicts of interest when undertaking activities for government and maintaining confidentiality in dealings with government (TPB(I) D58/2024)
- Obligation to keep proper client records of tax agent services provided (TPB(I) D59/2024)
- Supervision, competency and quality management under the Tax Agent Services Act 2009 (TPB(I) D60/2024)
- Keeping your clients informed (TPB(I) D61/2024)
TPB chair Peter de Cure said the practical guidance supports “the majority of tax practitioners doing the right thing”.
“At the same time, improved tax practitioner standards will help address false or misleading tax statements associated with tax avoidance and fraud,” de Cure said.
“This draft guidance supports trust in the tax profession, covering a range of practical issues to ensure competent services, supported by quality management systems and improved client transparency.”
The draft information sheets were developed following two roundtable discussions that were held with professional bodies and consumer groups, seeking their initial views, the TPB said.
“Recognising the key role professional associations have in the co-regulation of tax practitioners, their engagement and practical insights have been invaluable in informing and improving our draft guidance,” de Cure said.
“We look forward to expanding our consultation processes and continuing to work closely with all stakeholders and the tax profession. This will ensure the final guidance is practical and supports tax practitioners.”
The TPB reminded tax practitioners that the new ethical requirements will apply from 1 July 2025 for those working in firms with less than 100 staff.
Larger firms with 100 or more staff will need to comply from 1 January.
TPB is encouraging all stakeholders to share their views on its draft policy guidance by making a written submission.
“They can also provide feedback by participating in our series of Code Determination webinars or responding via their professional association,” it said.
As part of finalising the guidance in December 2024, the TPB will also be issuing complementary material, such as factsheets and website content, to assist tax practitioners understand the new requirements.
The TPB has also updated its Frequently asked questions on the new Code obligations, published on its website, to address some common queries about the Determination.
This article first appeared in Accountants Daily.
Read the IPA’s Submission ‘Tax Agent Services (Code of Professional Conduct) Determination 2024
