08 October 2024
IMPORTANT UPDATE ON THE TAX AGENT SERVICES (CODE OF PROFESSIONAL CONDUCT) DETERMINATION
Following sustained advocacy from CA ANZ and other professional bodies, against the overreach and drafting of the Tax Agent Services (Code of Professional Conduct) Determination, Simon Grant FCA, Group Executive, Advocacy can confirm that the Assistant Treasurer has now issued a signed copy of an amending legislative instrument that will be tabled in parliament shortly.
“We are pleased to see that after significant negotiation, section 45 is now completely revised. It lists specific matters for disclosure and is more closely aligned to the policy intent of the provisions and, importantly, investigations and mental health will not have to be disclosed.
“Section 15(2), known as the ‘dob in’ provision, has also been significantly revised. We believe the amended version – which raises the threshold to serious matters and is aligned to members’ existing obligations under the NOCLAR requirements in APES 110 (the Code of Ethics) issued by the Accounting Professional and Ethical Standards Board – is a pragmatic outcome.
“As part of the negotiations we obtained a deferral of the start date until 1 July 2025 for practices with fewer than 100 employees.
“Good policy sometimes involves robust public debate, and we thank the Assistant Treasurer and Treasury for listening to us and taking action,” Mr Grant said.
“We also acknowledge the support of Senator Dean Smith, the Hon. Luke Howarth MP, and Independent Senator David Pocock. Their disallowance motions hastened discussions with the government.
“We would also like to thank the Senate crossbenchers who listened to our concerns and stood with CA ANZ, the professional bodies and tax and BAS agents to secure the commitment to these important changes.
“We look forward to working with the Government and the Tax Practitioners Board to ensure it is applied as intended and that our members have the guidance and understanding they require to fulfil their obligations under the now amended legislation.”
ENDS
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 139,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
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For more information contact:
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Lisa Lintern, Group Executive, Public Affairs M +61 455 210 815 |
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