The Tax Practitioners Board (TPB) has released draft guidance for consultation on 3 of the new obligations under the Tax Agent Services (Code of Professional Conduct) Determination 2024:
- TPB(I) D54/2024 False or misleading statements to the TPB or Commissioner
- TPB(I) D55/2024 Managing conflicts of interest and maintaining confidentiality in dealings with government.
These 2 draft guidance provide advice and assistance on the application of 3 of these additional 8 obligations arising from the Determination.
The Determination commenced on 1 August 2024, however the government has announced that it will insert a transitional rule into the Determination that will provide firms with 100 employees or less until 1 July 2025 and larger firms with 101 employees or more until 1 January 2025 to bring themselves into compliance with these new obligations, so long as they continue to take genuine steps towards compliance during this period.
The TPB invites comments on the 2 draft guidance products by 3 September 2024.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.
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