Reasonable care and conflicts of interest exposure drafts open for comment
The Tax Practitioners Board (TPB) has released three exposure draft information sheets (exposure drafts) explaining what registered tax and BAS agents need to do to comply with certain obligations under the Code of Professional Conduct (Code). These exposure drafts are now available for comment.
The information sheets are intended to assist tax and BAS agents understand their obligations under the Code regarding:
- taking reasonable care in ascertaining a client’s state of affairs
- taking reasonable care to ensure that taxation laws are applied correctly, and
- managing conflicts of interest.
The TPB has previously received feedback on the first two exposure drafts (taking reasonable care) and after considering the feedback received, is now issuing revised exposure drafts.
The exposure draft on managing conflicts of interest is being released for the first time.
Ian Taylor, Chair of the Tax Practitioners Board, said: “Assisting tax and BAS agents to understand their obligations under the Code is a priority for the TPB. These exposure drafts have been developed in consultation with stakeholders to ensure they are relevant and assist registered agents in their work.”
“I encourage all stakeholders to provide their comments on each of these exposure drafts.” Mr Taylor said.
Submissions on the two reasonable care draft information sheets close on 29 August 2013.
Submissions on the managing conflicts of interest draft information sheet closes on 13 September 2013.
Comments can be sent to tpbsubmissions [at] tpb.gov.au
All submissions will be reviewed and considered before final exposure draft information sheets are published on our website.
For further information please visit our Exposure drafts page