TPB Releases Guidance On Reasonable Care
The Tax Practitioners Board (TPB) has released final information sheets regarding:
- taking reasonable care in ascertaining a client’s state of affairs; and
- taking reasonable care to ensure that taxation laws are applied correctly.
These information sheets provide guidance for registered agents on the application of these two items in the Code of Professional Conduct (Code items 9 and 10) under the Tax Agent Services Act 2009 (TASA). They detail principles and elements of Code items 9 and 10, practical examples and consequences for failing to comply with these Code items.
Ian Taylor, Chair of the Tax Practitioners Board, said “These information sheets help and support registered tax and BAS agents to further understand and comply with their obligations under the Code. Further, they explain how the law operates practically through the use of examples that reflect day-to-day situations that tax practitioners may be faced with.”
These information sheets have been released following extensive consultation and supplement other guidance material provided by the TPB.
Further information about the Tax Practitioners Board
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.
Contact: communications [at] tpb.gov.au (Communications) or 02 6216 4916