The Board has also issued Information Sheet TPB(I) 15/2012 (Code of Professional Conduct – Holding money or other property on trust). It was previously issued as Draft Information Sheet TPB(I) D13/2012. Broadly, the Board says property or money will be held on trust where the tax or BAS agent receives money or other property on behalf of a client. The agent is then required to keep that money or other property separate from their own money or property. Further, the Board indicates that a trust relationship may be created from either express or implied arrangements between the agent and the client. Therefore, the Board says it is not necessary for there to be a written agreement between the agent and the client for a trust to arise.
[LTN 207, 25/10]