There are significant changes to the Tax Agent Services Act 2009 (TASA). These changes were introduced by the government to implement recommendations arising from a 2019 independent review into the effectiveness of the Tax Practitioners Board (TPB) and the TASA. Some of these changes are also responsive to other reforms announced by the government.
From 1 January 2024 the Code was expanded to include a new item allowing the Minister to determine new obligations through a legislative instrument. This was introduced to enable swift action to respond to and address emerging or existing tax practitioner behaviours and practices.
Following public consultation on the draft code determination, the Tax Agent Services (Code of Professional Conduct) Determination 2024 was registered on 2 July 2024. On 8 October 2024, amendments to the Determination were made following stakeholder feedback and to provide clarity on the intent and scope of the additional obligations under the Determination.
The full list of obligations outlined by the TPB can be found here.
Among these code obligations is a renewed obligation for client recordkeeping, communication, regulatory reporting and administration requirements. These obligations are likely to place further burdens on the administrative capacities of tax agents and will require investment in processes, training and systems to ensure strict compliance.
Optima Partners operates at a high standard, and we are committed to maintaining compliance. Any impact to our administrative capacity or practices will be clearly communicated on a per-client basis.
