To support professional standards and improved transparency, the Tax Practitioners Board (TPB) released draft guidance on breach reporting obligations.

Breach reporting obligations applicable to registered tax practitioners from 1 July 2024, are another step in Government reforms to the tax and regulatory system, improving integrity and addressing misconduct.

Breach reporting obligations have been strengthened to support the majority of tax practitioners who voluntarily comply with their obligations. Breach reports also provide timely data and intelligence to support services and targeted regulation.

This draft guidance will assist tax practitioners with awareness, education and compliance, in reporting to the TPB or relevant professional associations.

The draft guidance consists of a draft information sheet, summary document and high-level decision tree. Together, these documents explain:

  • the additional breach reporting obligations, supported by practical case studies
  • when the obligations apply
  • what constitutes a significant breach
  • the timeframe for reporting a significant breach
  • what happens if a significant breach is not reported.

The draft guidance is open for consultation until 28 May 2024. Submissions for each can be sent by email to [email protected] or by mail to Tax Practitioners Board, GPO Box 1620, Sydney NSW 2001.

 

Comments are closed.