News from the TPB has just been released about the significant changes to the Code of Professional Conduct imposed by the Tax Agent Services Act 2009 (Cth). These changes are designed to enhance the integrity and accountability of tax practitioners. This expansion is poised to shape the future of BAS and tax practices in Australia, and it is essential for practitioners to stay informed and prepared for the upcoming changes.
The Outcome:
1. Expansion of the Code
The newly revised Code of Professional Conduct represents a proactive step by the Government to strengthen the ethical framework within the tax profession. By enhancing the Code, the aim is to foster a culture of integrity that practitioners can adhere to in their professional dealings.
2. Stakeholder Engagement
The Tax Practitioners Board (TPB) is actively engaging with a variety of stakeholders, including tax practitioners, professional associations, and community representatives. This collaborative approach will lead to the development of practical guidance that will assist in the effective implementation of the new Code.
3. Timeline for Guidance
The TPB is set to issue guidance for public consultation in the coming weeks, with an anticipated finalisation by December 2024. This timeline provides practitioners with an opportunity to digest these new changes and start the process towards compliance with these new obligations.
4. Revised Determination
The Tax Agent Services (Code of Professional Conduct) Determination 2024 was revised on 8 October 2024. Small practitioners will need to comply with the new Code from 1 July 2025, while larger firms with 100 or more employees will have an earlier compliance deadline of 1 January 2025.
5. Consultation Process
The TPB is engaging with stakeholders, including tax practitioners, professional associations and community representatives, to develop practical guidance to refine the scope of the expanded Code. This process has clarified how practitioners should approach issues related to integrity, particularly concerning false or misleading statements, and transparency in client communications.
6. Adding Clarity
These revisions provide much-needed clarity regarding the new Code obligations. This news highlighted specific information requirements that practitioners must communicate to their clients, noting that personal health and beliefs are excluded from these obligations.
7. Support for Practitioners
In its commitment to supporting tax practitioners, the TPB plans to host a series of webinars in addition to forthcoming guidance resources being issued. My CPE will also take a proactive approach to educating practitioners and simplifying the vast array of legislative and regulatory instruments to make it more digestible. Our approach will focus on compliance, and the new requirement to implement and maintain a system of Quality Management (QMS).
8. Pragmatic Compliance Approach
It is comforting to note the TPB’s dedication to fostering voluntary compliance through education and support. They have stated investigations would primarily focus on higher-risk behaviours and misconduct, rather than penalising those who are striving to meet their compliance obligations.
Looking Ahead:
The expansion of the Code of Professional Conduct represents an important shift towards enhancing professionalism and ethical standards in the tax industry. As tax practitioners prepare for these changes, it is imperative to stay informed and engage with the upcoming guidance and training opportunities. At My CPE Pty Ltd, we are committed to supporting tax professionals in navigating these developments, ensuring they are well-equipped to adhere to the new Code and continue providing high-quality services to their clients.
Stay tuned for further updates and resources as we approach this pivotal change in the tax profession.
Sonya Farrawell, My CPE CEO
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