The Tax Practitioners Board [TPB] has released its finalised guidance for tax agents to assist them in complying with the updated code of conduct that came into operation from the start of this year.
The TPB released its finalised guidance in late December in regards to eight new code items contained in the Tax Agent Services (Code of Professional Conduct) Determination 2024, which came into effect from 1 January for firms with more than 100 employees and will apply from 1 July for smaller businesses.
TPB chair Peter de Cure said the board was committed to supporting tax practitioners through this process of change.
“We’ll implement these changes in a pragmatic and practical fashion,” de Cure said in a statement directed at tax agents.
“We’ll also allow time for you to understand your obligations, assess your practices and implement changes, if required.”
The new obligations relate to false and misleading statements, conflicts of interest and confidentiality in dealings with government, keeping proper client records, quality management systems and keeping clients informed.
De Cure said tax practitioners must uphold sections 10, 15, 20, 25, 30, 35, 40 and 45 of the determination and follow the guidance, which was shaped by extensive stakeholder consultation and feedback.
“Our immediate focus is education, so you understand what is required,” he said.
“We want to support those genuinely trying to do the right thing and our compliance focus as always is on high-risk behaviour.
“For most of you these changes won’t affect your day-to-day operations. However, we understand some tax practitioners have concerns.
“I want to reassure you, the purpose of the reforms is to ensure there is consistency in standards across the tax profession and to ensure a level playing field for all registered tax practitioners.
“If you haven’t already, make sure you spend some time developing, implementing and updating any of your systems and processes necessary to meet the obligations.”