Assistant Treasurer Stephen Jones has registered amendments to the proposed changes regarding the code of professional conduct for tax agents.
Specifically, the Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 1) Determination 2024 was tabled in parliament yesterday to allow for the inclusion of new code items to the Tax Agent Services (Code of Professional Conduct) Determination 2024, which was registered on 2 July.
“Originally, these code items came into effect on 1 August 2024. As a result of these amendments, firms with 100 employees or less on 31 July 2024 will now have until 1 July 2025 to comply with the new code obligations. While firms with more than 100 employees will have until 1 January 2025. These transitional arrangements provide welcome relief for tax agents and provide time for TPB (Tax Practitioners Board) guidance to be consulted on and finalised,” the SMSF Association said.
“These amendments are the result of the ongoing advocacy by the joint bodies of the TPB Governance and Standards Forum (of which the SMSF Association is a member), and the many consultations and discussions with the Assistant Treasurer’s office and Treasury. We acknowledge that concerns remain about several elements of the original determination. The advocacy and engagement continue as we work together to achieve the right policy outcomes and workable solutions for the tax profession.”
The Institute of Financial Professionals Australia described this latest development as one where common sense has prevailed.
On a separate legislative note, the Better Targeted Super Concessions Bill, the piece of legislation that will introduce the proposed Division 296 tax, is listed for debate in parliament this week.
To this end, the SMSF Association chief executive Peter Burgess is in Canberra to garner support for key amendments to the bill that the sector is recommending.
The inclusion of an indexation measure is one change the industry body is calling for.
