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Review of tax agent services regime with a focus on reasonable care paper

Published on 27 Jun 13 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

Looking at the issues from the perspective of an SME practitioner, this paper explores:

  • What the Tax Agent Services Code of Conduct requires, particularly in respect of the need to take reasonable care
  • What level of reliance can a tax agent place on a client’s records?
  • What records must a client keep and why?
  • Does a tax agent need to conduct some form of detailed review or audit of a client’s records in order to satisfy the reasonable care requirement?
  • Can a tax agent exclude particular aspects from the scope of their engagement and still meet the reasonable care requirement?
  • Is it possible to meet the best practice standards expected by the ATO?
  • What happens if a tax agent doesn’t meet the standard expected by the ATO?

Author profile:

Adrian Abbott CTA
Adrian is a consultant to Crowe Horwath, who brings 35 years of experience in accounting, tax and business management to his client base. He has focused on high net worth reviews and benchmarking. Adrian works in conjunction with the ATO on alternative dispute resolutions. Adrian is on the Institute's dispute resolutions committee. Current at 20 September 2016 Click here to expand/collapse more articles by Adrian ABBOTT.
 

This was presented at NSW 6th Annual Tax Forum.

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