The Tax Practitioners’ Board (TPB) has advised that it has commenced work on developing 2 draft information sheets. Board Chairman Dale Boucher said the first one deals with managing conflicts of interest and the second one deals with how offshoring and outsourcing of tax agent and BAS agent services interacts with an agent’s obligations under the Code of Professional Conduct.
Other updates from the TPB Chairman include:
- Agents own tax obligations – The Board has recently taken action against several agents who failed to keep up-to-date with their personal obligation to lodge income tax or BAS returns. The Board said following its investigations “and in the absence of a reasonable excuse for late or non-lodgment, the Board found that the agents concerned had breached the Code and their registration was terminated.” The Board said it will focus on agent compliance with their own tax obligations over the next 12 months.
- Bookkeepers who have not registered – The Board has also reminded people who are providing BAS services for a fee or other reward and who have not yet registered with the Board, to do so promptly. It notes a transitional registration option is still available, until 28 February 2013.
Source: TPB Chairman’s message, 31 October 2012
[LTN 213, 2/11]