Tax Practitioners Board invites comments on reasonable care Exposure Drafts
The Tax Practitioners Board (TPB) has released two Exposure Drafts on what registered tax agents and BAS agents need to do to take reasonable care in their work. These papers are open for comment from the professions and from the public and can be found on our website.
These Exposure Drafts will assist tax and BAS agents to understand their obligations in:
- taking reasonable care in ascertaining a client’s state of affairs, and
- taking reasonable care to ensure that taxation laws are applied correctly.
Dale Boucher, Chair of the Tax Practitioners Board, said “Registered tax agents and BAS agents play a very important part in the tax system and have a number of legal obligations under the Code of Professional Conduct (Code). These Exposure Drafts help explain what registered tax and BAS agents should do to comply with the Code of Professional Conduct. Taking reasonable care to find out the facts from the client and to correctly apply the tax law is of fundamental importance.”
The TPB consulted widely with tax and BAS agents through workshops and forums in developing the exposure drafts. Examples have also been included to further help agents understand the practical impact of reasonable care.
“I encourage stakeholders to engage with the TPB and to provide comments on these important exposure drafts,” Mr Boucher said.
All submissions will be reviewed and considered, with the final information sheets published on our website in 2013.
Submissions on the exposure drafts close on 13 November 2012.
About Tax Practitioners Board
The Tax Practitioners Board was established on 1 March 2010 and regulates tax and BAS agents.
Further information can be found at www.tpb.gov.au.