Consultation on the deferred changes to the code of conduct for tax agents has commenced, with the Tax Practitioners Board (TPB) releasing draft guidance on three of the eight new obligations that will come into effect next year.
The draft guidance, released in two documents, covers the requirements not to make false or misleading statements to the TPB or ATO commissioner, managing conflicts of interest and maintaining confidentiality in dealings with government, which have been included in the Tax Agent Services (Code of Professional Conduct) Determination 2024.
While the determination commenced on 1 August, the government announced on 31 July that a transitional rule included in it will defer the compliance date, moving it to 1 January 2025 for firms with 101 employees or more and to 1 July 2025 for those with 100 employees or less, provided they show they are moving towards compliance during this period.
TPB chair Peter de Cure said following the addition of the transition period, the board’s immediate focus was to finalise its guidance and provide information to assist tax practitioners in understanding the new obligations.
“We understand there are concerns about the new code determination. These additional code obligations are consistent with the existing principles of the code and many tax practitioners will already be complying with the new requirements,” de Cure said.
“We encourage all tax practitioners and other stakeholders to review the guidance materials released and provide feedback to us,” he added, noting there was a range of resources on the board’s website providing more information for practitioners.
He said the TPB will consult on further draft guidance on the remaining code obligations over the coming months, with its website indicating the next four draft guidance documents would be released in late August and the last draft guidance document would be released in early September with final guidance expected in early November.
Comments on the two guidance documents currently available closes on 3 September.
In a separate consultation related to the review of eligibility requirements for registration with the TPB, the SMSF Association has stated changes proposed by Treasury do not demonstrate any public policy problem that needs reform and they fail to articulate their objectives.
The association noted Treasury had opted to create more regulations rather than updated guidance from the TPB in regards to who can be registered as a tax agent and recommended little change be made to the current registration model.
