Date posted: 23/01/2024

Joint submission on Tax Agent Services (Code of Professional Conduct) Determination

Poorly drafted, creates unnecessary red tape and will confuse practitioners.

In brief

  • The draft rules are not easily understandable
  • They move away from a principles-based code towards prescriptive requirements
  • They duplicate and overlap with existing code obligations

The obligations contained in the existing Code of Conduct governing tax and BAS agents:

  • are generally underpinned by clear, broad, flexible, and actionable principles; and
  • have been developed after extensive consideration through consultation with stakeholders.
Agents are sensitive to the burdens of highly prescriptive regulation, especially where tied to serious consequences which include termination of registration.
Michael Croker, CA ANZ Australian Tax Leader

The Joint Bodies say that any modifications or additions to the Code should reflect best practice regulation, embody clear, broad, flexible and actionable principles, and should be supported by detailed guidance.

The draft Instrument should be amended to ensure that it meets this standard.

Read the Consultation

Treasury consultation - Draft Tax Agent Services (Code of Professional Conduct) Determination 2023.

Read more