The Government has expanded the Code of Professional Conduct (the Code) for tax practitioners to enhance integrity and accountability within the tax profession.
To support its implementation, the Tax Practitioners Board (TPB) is actively engaging with stakeholders, including tax practitioners, professional associations, and community representatives, to develop practical guidance. This guidance will be released for broad public consultation in late October, with the goal of finalizing it by December 2024.
The Tax Agent Services (Code of Professional Conduct) Determination 2024 (the Determination) was revised on 8 October 2024, and will take effect on 1 July 2025 for most tax practitioners. However, larger firms with 100 or more employees must comply by 1 January 2025.
The Government and Treasury consulted with professional associations and other stakeholders to clarify the expanded Code’s scope. This process helped refine how tax practitioners should address issues of integrity (e.g., false or misleading statements) and transparency (e.g., keeping clients informed).
TPB Chair Peter de Cure AM stated, “These changes to the Determination provide tax practitioners with additional clarity on the intent and scope of the new Code obligations. It clearly outlines what tax practitioners need to communicate to their clients, excluding personal matters such as health or beliefs.”
After a stakeholder roundtable, Mr. de Cure expressed gratitude to participants for their contributions to the co-design process, stating, "The new Code obligations build on existing legal principles. Tax practitioners who already act professionally and ethically will easily meet these new requirements. Our guidance will help them improve their services and ensure compliance with the law."
He emphasized the TPB's commitment to supporting tax practitioners through this transition, noting that draft guidance will be supplemented by webinars designed to help practitioners understand the changes, ask questions, and provide feedback that will inform the final guidance.
Finally, Mr. de Cure reiterated, "For tax practitioners striving to meet the new obligations, we will take a pragmatic and practical approach. Our goal is to encourage voluntary compliance through education and support. TPB investigations will focus on higher-risk behaviors and misconduct."
About the Tax Practitioners Board (TPB)
The TPB regulates tax practitioners to protect consumers and ensures they meet appropriate professional and ethical standards.
Source: Australian Government Tax Practitioners Board (https://www.tpb.gov.au/home)
Comments