The joint bodies consisting of 10 industry member organisations have recognised their meeting with the Assistant Treasurer last Friday was positive, but they are far from reaching a satisfactory outcome with regard to the Tax Agent Services (Code of Professional Conduct) Determination 2024.
“The Assistant Treasurer’s office and Treasury acknowledged our concerns with sections 15 and 45 of the determination and we are pleased they are open to making the necessary changes to address them. However, there is still considerable work to be done and further consultation required,” the joint bodies said in a statement after their meeting in Canberra.
“The joint bodies made it clear today that the proposed amendments will still make our members’ work challenging and further changes are required to make them clear, practical and fair. Sharing details about investigations and the mandatory requirement to ‘dob in’ a client need substantial reworking.”
As a result of the meeting, the government has agreed to provide the joint bodies with revised amendments, guidance and explanation and will undergo another round of public consultation. However, it was recognised these amendments will not be finalised and agreed upon before Tuesday’s disallowance vote in the Senate.
“Public consultation is no guarantee the amendments will be changed in a way that is best for our members, their clients and communities. Until the changes to the determination are agreed, the joint bodies remain supportive of the disallowance motion proceeding in the Senate on Tuesday,” they confirmed.
“In their current form, the compliance obligations in the determination make the jobs of nearly 72,000 tax and BAS (business activity statement) agents, who service their communities, challenging and will most likely increase the cost of services to millions of Australians.”
The joint bodies reiterated their opposition to the Tax Agent Services (Code of Professional Conduct) Determination 2024 and their belief neither revised guidance from the Tax Practitioners Board nor an amended Explanatory Statement will correct the current rules they consider to be an overreach.
However, they did thank Assistant Treasurer Stephen Jones’s office and Treasury for Friday’s meeting.
The joint bodies are made up of the Australian Bookkeepers Association, Chartered Accountants Australia and New Zealand, CPA Australia, Financial Advice Association of Australia, Institute of Certified Bookkeepers, Institute of Financial Professionals Australia, Institute of Public Accountants, National Tax and Accountants’ Association, SMSF Association and The Tax Institute.
