28 Nov 13 TPB releases guidance on reasonable care
In a media release issued on 21 November 2013, the Tax Practitioners Board (TPB) announced that it has released final information sheets regarding:
- taking reasonable care in ascertaining a client’s state of affairs (TPB Information Sheet TPB(I) 17/2013); and
- taking reasonable care to ensure that taxation laws are applied correctly (TPB Information Sheet TPB(I) 18/2013).
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 TPB, 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.”