TPB to issue guidance on code changes by end of month
The Tax Practitioners Board has promised to deliver draft guidance on the revised changes to the Code of Professional Conduct by the end of October.
In an update issued on Wednesday (16 October), the Tax Practitioners Board stated that it is currently engaging with stakeholders including tax practitioners, professional associations and community representatives to develop practical guidance for the revised version of Tax Agent Services (Code of Professional Conduct) Determination 2024.
The TPB said the draft guidance will be issued in late October for broad public consultation and will aim to finalise the guidance in December 2024.
The determination was revised earlier this month following significant industry advocacy and pressure from the opposition.
It introduces eight new obligations that will take effect from 1 July 2025 for most practitioners. Larger firms with 100 or more employees will need to comply by 1 January 2025.
The TPB noted that the government and Treasury have consulted with professional associations and other stakeholders to clarify the scope of the expanded code.
The regulator said this process has assisted in refining how tax practitioners should handle their obligations relating to false or misleading statements and their obligations concerning how they keep clients informed.
TPB chair Peter de Cure said these changes to the determination provide additional certainty to tax practitioners on the intent and scope of the new code obligations.
This includes setting out the specific matters tax practitioners need to inform their clients about, which does not include information relating to the tax practitioner’s health or personal beliefs.
Following a stakeholder roundtable today, de Cure thanked participants for their ongoing contribution and co-design.
“These new code obligations build on the principles in the existing law. Most tax practitioners, acting professionally and ethically, will readily comply with the new Code requirements,” de Cure said.
“The TPB’s guidance will help tax professionals improve their services to clients and systems to comply with the law.”
The TPB said it is committed to supporting tax practitioners through this change.
“Our draft guidance will also be strengthened by a series of webinars to further assist tax practitioners in understanding the draft guidance, ask questions and provide feedback that will shape the final products,” de Cure said.
“For all tax practitioners trying to do the right thing, we will continue to take a pragmatic and practical approach in addressing compliance with the additional obligations.
“Our approach is to achieve voluntary compliance through education and support. Any TPB investigation will be targeted at higher risk behaviours and misconduct.”
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