In a media release issued on 24 January 2014, the Tax Practitioners Board (TPB) has released an information sheet (TPB(I) 19/2014) 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.