The Government has expanded the Code of Professional Conduct (Code) for tax practitioners, to strengthen integrity and accountability in the tax profession.
To support implementation, the TPB is engaging with stakeholders, including tax practitioners, professional associations and community representatives, to develop practical guidance. TPB guidance will issue in late October for broad public consultation, with the aim to finalise guidance in December 2024.
The Tax Agent Services (Code of Professional Conduct) Determination 2024 (Determination) was revised on 8 October 2024, with effect from 1 July 2025 for most tax practitioners. Larger firms, with 100 or more employees, will need to comply by 1 January 2025.
The Government and the Treasury consulted with professional associations and other stakeholders to clarify the scope of the expanded Code. This process assisted in refining how tax practitioners address integrity (false or misleading statements) and transparency (how they keep clients informed).
TPB Chair Peter de Cure AM said, ‘These changes to the Determination provide additional certainty to tax practitioners on the intent and scope of the new Code obligations. This includes setting out the specific matters tax practitioners need to inform their clients about, which does not include information relating to the tax practitioner’s health or their personal beliefs.’
Following a stakeholder roundtable today, Mr de Cure thanked participants for their ongoing contribution and co-design: ‘These new Code obligations build on the principles in the existing law. Most tax practitioners, acting professionally and ethically, will readily comply with the new Code requirements. The TPB’s guidance will help tax professionals improve their services to clients and systems to comply with the law.’
‘We are committed to supporting tax practitioners through this process of change. Our draft guidance will also be strengthened by a series of webinars to further assist tax practitioners understand the draft guidance, ask questions and provide feedback that will shape the final products.’
Finally, Mr de Cure said ‘For all tax practitioners trying to do the right thing, we will continue to take a pragmatic and practical approach in addressing compliance with the additional obligations. Our approach is to achieve voluntary compliance through education and support. Any TPB investigation will be targeted at higher risk behaviours and misconduct.’
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.
16 October 2024