A legislative instrument has been recently issued by Assistant Treasurer Stephen Jones to lift public trust and confidence in the tax profession.

Tax Agent Services (Code of Professional Conduct) Determination 2024 commences from 1 August 2024 and tax practitioners will need to comply with 8 additional obligations that will supplement the existing obligations under the Code of Professional Conduct. These new obligations have been informed by public consultation.

“The 8 additional obligations, align with existing principles of the Code, including honesty and integrity, independence, confidentiality and competence,” said the Chair of the Tax Practitioners Board (TPB) Peter de Cure.

“Tax practitioners should familiarise themselves with these new requirements and review their practices to ensure they are compliant.”

“Many tax practitioners will already meet these new standards required of them. However, for those tax practitioners that do not, they will need to promptly ensure that they have appropriate controls and arrangements in their practices to comply with the new obligations.”

The TPB will be consulting on draft guidance relating to the new Code obligations progressively, starting in the coming weeks.

 

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