The Tax Practitioners Board (TPB) has released draft guidance for consultation on 3 of the new obligations under the Tax Agent Services (Code of Professional Conduct) Determination 2024 (Determination):    

• TPB(I) D54/2024 False or misleading statements to the TPB or Commissioner
• TPB(I) D55/2024 Managing conflicts of interest and maintaining confidentiality in dealings with government.

As announced in our recent media release on 11 July 2024, these new Code obligations address misconduct and improve tax practitioner ethical standards. 

These 2 draft guidance products outlined above provide advice and assistance on the application of 3 of these additional 8 obligations arising from the Determination.

The Determination commenced on 1 August 2024, however the government has announced that it will insert a transitional rule into the Determination that will provide firms with 100 employees or less until 1 July 2025 and larger firms with 101 employees or more until 1 January 2025 to bring themselves into compliance with these new obligations, so long as they continue to take genuine steps towards compliance during this period.

The TPB Chair, Mr Peter de Cure AM said, ‘While the Minister has recently announced a transitional phase, the TPB’s immediate focus to finalise our guidance, through consultation, and provide information to assist tax practitioners to understand the new obligations remains unchanged.’ 

Mr de Cure said, ‘We understand there are concerns about the new Code determination. These additional Code obligations are consistent with the existing principles of the Code and many tax practitioners will already be complying with the new requirements.  We encourage all tax practitioners and other stakeholders to review the guidance materials released and provide feedback to us.’    

The TPB has also published frequently asked questions on its website about the new obligations to assist tax practitioners.

Mr de Cure confirmed that the TPB will consult on further draft guidance on the remaining Code obligations progressively over the coming months. 

The TPB Communiqué, published on its website, provides an indicative timeline for the release of guidance on the new Code obligations.

Comments invited

The TPB invites comments on the 2 draft guidance products by 24 September 2024. Submissions for each can be sent by email to tpbsubmissions@tpb.gov.au or by mail to Tax Practitioners Board, GPO Box 1620, Sydney NSW 2001.

 The TPB will consider all submissions received before finalising its position.

About the Tax Practitioners Board

The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter, LinkedIn and Facebook.