Skip to content
Finance Investment, Taxation

New Code Determination lifts professional standards for tax practitioners

Tax Practitioners Board < 1 mins read

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The TPB will be consulting on draft guidance relating to the new Code obligations progressively, starting in the coming weeks.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

Media

More from this category

  • Government Federal, Taxation
  • 15/07/2024
  • 09:20
Australian Taxation Office

The ATO is here to help during tax time

The Australian Taxation Office (ATO) is committed to helping taxpayers get their tax returns right this tax time. ATO Assistant Commissioner Rob Thomson acknowledged that for some, managing their tax affairs may seemtricky. ‘TheATO is here to help with support and guidance for those struggling with their tax obligations,’ Mr Thomsonsaid. Tax Help and Tax Clinics If you need help with your tax affairs, there are many resources to help. If you’re earning under $60,000 youmay be eligible for the Tax Help program. ‘From July to October each year, our accredited volunteers help people to lodge their tax returns online,’…

  • Finance Investment
  • 12/07/2024
  • 07:01
NALSPA

Tax time: Salary packaging can ease cost-of-living pressures for Aussie workers

As Australians begin to submit their tax returns and plan for this financial year amid the heightened cost of living, NALSPA is encouraging workers and their employers to consider their salary packaging options. The National Automotive Leasing and Salary Packaging Association (NALSPA) chief executive Rohan Martin said it is timely to think about taking advantage of pre-tax pay strategies that can help boost tax savings and put more money in your pocket. “The new financial year is a time where many of us think about the amount of tax we are paying as well as our household budgets. We all…

  • Business Company News, Finance Investment
  • 11/07/2024
  • 10:21
Airwallex

New research reveals 67 percent of Australian travel companies see their profit margins eroded by inefficient payment systems

Airwallex and Skift research finds two-thirds (67 percent) of travel executives in Australia believe inefficient payment systems are harming their profits 79 percent find…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.