10/08/2024
🗓️ On July 24, 2024, the Tax Practitioner Governance and Standards Forum (GSF) and Consultative Forum (CF) discussed the Tax Agent Services (Code of Professional Conduct) Determination 2024.
Highlights:
- Existing Compliance: Most practitioners meeting current standards will align with the new requirements.
- Support: The TPB will offer guidance during the transition.
- Industry Feedback: Concerns were raised about compliance deadlines and the scope of new obligations. TPB and Treasury will address these in FAQs and draft guidance.
Key updates include:
- Ethical Standards: Practitioners must uphold high ethics, correct misleading statements, and maintain transparency.
- Confidentiality: Properly manage conflicts of interest, ensure confidentiality, and maintain robust record-keeping.
🔗 For more details visit: https://www.icb.org.au/s/news/unpacking-the-new-code-of-conduct-determination-MC5SDIGTT4N5EBXMXSYT6VVXLP4M