A new Ministerial power to expand the obligations in the Code of Professional Conduct (Code) was introduced to enable a swift response to any emerging or existing risks in tax practitioner behaviours and practices. This strengthens the regulatory framework and is consistent with the Government’s announcement in August 2023 to crack down on misconduct and rebuild confidence in the systems and structures that keep our tax system strong.
From 1 August 2024 tax practitioners will need to comply with 8 additional obligations that will supplement the existing obligations under the Code. These new obligations reinforce public trust and confidence in the tax profession and have been informed by public consultation.
The Chair of the Tax Practitioners Board (TPB), Peter de Cure AM said ‘The 8 additional obligations, align with existing principles of the Code, including honesty and integrity, independence, confidentiality and competence. Tax practitioners should familiarise themselves with these new requirements and review their practices to ensure they are compliant.’
Mr de Cure went on to say, ‘Many tax practitioners will already meet these new standards required of them. However, for those tax practitioners that do not, they will need to promptly ensure that they have appropriate controls and arrangements in their practices to comply with the new obligations.’
The TPB will be consulting on draft guidance relating to the new Code obligations progressively, starting in the coming weeks.
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 Twitter, LinkedIn and Facebook.
11 July 2024
