Published on 24 May 07
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
After over 14 years in the making, the Government has released proposals for radical and sweeping regulatory reform that will impact on your role as a tax practitioner and those in public practice. Draft legislation was released for public comment on 7 May 2007 that amends the tax laws to establish a new and comprehensive legislative framework for the regulation of the provision of tax services.
Who will be affected?
All practitioners providing tax services will be affected by these new proposals.
How will these changes impact on you?
The proposed new regime:
- takes a broader view about who is a tax practitioner
- sets up registration procedures not only for tax agents but also BAS service providers
- impacts on how you can structure your tax services business
- creates a Code of Professional Conduct that will regulate the way you provide tax services
- regulates tax service providers through a wider range of disciplinary sanctions administered by a new national Tax Practitioners Board
- may provide a safe harbour for your clients from tax shortfall administrative penalties where a registered tax agent or BAS service provider is engaged.
This paper will brief you on the scope of these new measures and how they impact on your business.
Gordon is a Chartered Accountant in sole practice at Cooper & Co. He is an Adjunct Professor in the School of Taxation and Business Law (incorporating the Australian School of Taxation) at the University of New South Wales. In June 2003, he was awarded an AM in the Queen’s birthday honours for “Services to the tax profession and to the community as an adviser on national taxation and legislative reform, and through education and professional organisations”. Together with Chris Evans and Kirk Wilson, he is an author of the Australian CGT Handbook, now in its seventh edition.
- Current at
05 June 2017