The Tax Practitioners Board (TPB) has released three draft guidance documents for public consultation that will be used to help practitioners decide if they should be registered with the organisation when providing tax-related advice.
The three documents, released for consultation on 1 August, explain the types of services that constitute a tax agent service, the types of services that constitute a business activity statement (BAS) service and the types of arrangements that determine if a tax agent or BAS service is being provided for a fee or other reward.
TPB chair Ian Klug said: “These guidance documents will help those who are unsure to determine whether they should be registered with the TPB.
“There are significant penalties for those providing tax agent or BAS services for a fee or other reward without being registered with the TPB.”
A fourth document, which provides an update to the existing confidentiality of client information guidance, has also been released for consultation.
According to the TPB, this new guidance now covers the confidentiality obligations that apply to tax practitioners when they disclose information under the tax whistleblowing laws and non-compliance with laws and regulations framework.
The draft documents, accessible via the TPB website, are open for consultation until 12 September and the SMSF Association is also collecting input from its members ahead of that date and has requested any comments be submitted to the industry body by 26 August.