TPB releases guidance on managing conflicts of interest
In keeping with the Tax Practitioners Board’s (TPB) commitment to providing guidance on the obligations of registered agents under the Tax Agent Services Act 2009 (TASA), the TPB has released an information sheet in relation to managing conflicts of interest.
The information sheet provides guidance for registered agents on the application of managing conflicts of interest, which is one of the requirements under the Code of Professional Conduct (Code), as contained in the TASA. It details the principles, provides practical examples and outlines consequences for failing to comply with this particular Code item.
Ian Taylor, Chair of the Tax Practitioners Board, said “This information sheet will assist registered tax and BAS agents to further understand and comply with their obligations under the Code. In addition to describing relevant principles, it contains practical examples of situations that tax practitioners may encounter in day-to-day situations.”
The TPB released this document as an exposure draft in July 2013 and invited comments and submissions from all stakeholders. The TPB considered the submissions and has now published a final information sheet.
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The Tax Practitioners Board regulates tax practitioners to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.
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