To ensure appropriate standards of professional and ethical conduct in the tax profession are upheld, the regulator for tax practitioners, the Tax Practitioners Board (TPB), today released draft policy guidance for public consultation. 

The draft policy guidance seeks to assist tax practitioners understand the new obligations in the Tax Agent Services (Code of Professional Conduct) Determination 2024 (Determination) and the TPB is seeking tax practitioner and stakeholder feedback to help shape the final version of the following draft guidance:

• Upholding and promoting the ethical standards of the tax profession (TPB(I) D56/2024)
• False or misleading statements (TPB(I) D57/2024)
• Managing conflicts of interest when undertaking activities for government and maintaining confidentiality in dealings with government (TPB(I) D58/2024)
• Obligation to keep proper client records of tax agent services provided (TPB(I) D59/2024)
• Supervision, competency and quality management under the Tax Agent Services Act 2009 (TPB(I) D60/2024)
• Keeping your clients informed (TPB(I) D61/2024).

In releasing these draft information sheets, the TPB Chair, Peter de Cure AM welcomed stakeholder feedback from the community, tax practitioners and relevant professional associations. Mr de Cure said ‘Our practical guidance supports the majority of tax practitioners doing the right thing. At the same time, improved tax practitioner standards will help address false or misleading tax statements associated with tax avoidance and fraud.’ 

Mr de Cure went on to say, ‘This draft guidance supports trust in the tax profession, covering a range of practical issues to ensure competent services, supported by quality management systems and improved client transparency.’

Mr de Cure also noted, ‘In developing the draft guidance we held 2 roundtable discussions with professional bodies and consumer groups, seeking their initial views. Recognising the key role professional associations have in the co-regulation of tax practitioners, their engagement and practical insights have been invaluable in informing and improving our draft guidance. We look forward to expanding our consultation processes and continuing to work closely with all stakeholders and the tax profession. This will ensure the final guidance is practical and supports tax practitioners.’

For most tax practitioners the new ethical requirements apply from 1 July 2025. The exception being larger firms, with more than 100 staff, who will need to comply from 1 January 2025. 

The TPB encourages all stakeholders to share their views on our draft policy guidance and tax practitioners and other stakeholders can make a written submission. They can also provide feedback by participating in our series of Code Determination webinars or responding via their professional association.

As part of finalising the guidance in December 2024, the TPB will also be issuing complementary material, such as factsheets and website content, to assist tax practitioners understand the new requirements. 

The TPB has updated the Frequently asked questions on the new Code obligations, published on its website, to address some common queries about the Determination.

Comments invited

The TPB invites comments on all 6 draft information sheets by 21 November 2024. Submissions for each can be sent by email to tpbsubmissions@tpb.gov.au or by mail to Tax Practitioners Board, GPO Box 1620, Sydney NSW 2001.

The TPB will consider all submissions received before finalising its position.

About the Tax Practitioners Board

The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on X.com, LinkedIn and Facebook.