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On 30 June 2008, the Taxation Institute lodged a submission with Treasury regarding the exposure draft of the Tax Agent Services Bill 2008 and associated materials released on 29 May 2008.

The Taxation Institute endorses the general framework of the proposed regime for the regulation of tax professionals in the current Reform Package and is confident that, with clarification of a few issues, it will deliver on expectations for a properly regulated tax profession and protection for the consumer. In particular, the practical application of the requirement to take reasonable care in ascertaining a client’s state of affairs in the Code of Professional Conduct (s 30-10(9)) remains one of the most controversial aspects of the Reform Package for the Taxation Institute’s members.

For a copy of the submission and covering letter, go here

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