The Tax Practitioners Board (TPB) invites comment on two draft practice notes released on Friday 10 May.

The Letters of engagement draft practice note provides practical guidance and assistance to registered tax practitioners in relation to the use of letters of engagement. It is intended that once finalised, the practice note will replace the current information sheet TPB(I)02/2011 Letters of engagement. 

Transfers of business by tax (financial) advisers and confidentiality will help tax (financial) advisers in understanding their obligations under the Code of Professional Conduct when transferring their business to another party.

CEO of the TPB, Mr Michael O’Neill, said the TPB is reviewing its guidance and information products to best guide and assist tax practitioners in meeting their obligations and responsibilities.

‘These draft practice notes set out our view of how the laws we administer apply to registered tax practitioners. Letters of engagement are an important tool in managing a tax practice, and are a common area of enquiry received by the TPB. Our newly drafted transfers of business for tax (financial) advisers and confidentiality practice note provides some clear guidance on what can be a challenging process’.

The draft practice notes are available on the TPB website. The closing date for submissions is 7 June 2019. The TPB will consider all submissions and undertake further consultation before finalising the practice notes.

Written submissions can be made via email at tpbsubmissions@tpb.gov.au 

About the Tax Practitioners Board

The Tax Practitioners Board 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 Twitter @TPB_gov_au and LinkedIn.