TPB consultation on draft Code Determination guidance
The Tax Institute welcomes the opportunity to make a submission to the Tax Practitioners Board (TPB) in respect of its consultation on the following draft guidance materials (collectively, the draft guidance) relating to the additional Code of Professional Conduct (Code) obligations under the Tax Agent Services (Code of Professional Conduct) Determination 2024 (Determination).
The Determination introduces eight additional obligations to supplement the existing Code in section 30-10 of the Tax Agent Services Act 2009 (Cth) (TASA).
The draft guidance products to assist registered tax practitioners (practitioners) are:
- TPB(I) D56/2024 — Upholding and promoting the ethical standards of the tax profession (D56);
- TPB(I) D57/2024 — False or misleading statements (D57);
- TPB(I) D58/2024 — Managing conflicts of interest when undertaking activities for government and maintaining confidentiality in dealings with government (D58);
- TPB(I) D59/2024 — Obligation to keep proper client records of tax agent services provided (D59);
- TPB(I) D60/2024 — Supervision, competency and quality management under the Tax Agent Services Act 2009 (D60); and
- TPB(I) D61/2024 — Keeping your clients informed (D61).
The Tax Institute is pleased to see the release of draft guidance to set out, explain and clarify the obligations outlined in the Code. We have proposed some improvements to enhance the draft guidance further.
Our detailed response and recommendations to further improve the draft guidance are contained in Appendix A.
The Tax Institute is the leading forum for the tax community in Australia. We are committed to shaping the future of the tax profession and the continuous improvement of the tax system for the benefit of all. In this regard, The Tax Institute seeks to influence tax and revenue policy at the highest level with a view to achieving a better Australian tax system for all.