The Tax Practitioners Board (TPB) has issued for comment Draft Information Sheet TPB(I) D13/2012 (Code of Professional Conduct – Holding money or other property on trust). The Board discusses the obligation under item 3 of the Code of Conduct contained in the Tax Agent Services Act 2009 (TASA) on registered tax agents and BAS agents to account to their clients for money and other property held on trust. The Draft provides the Board’s view on what is a trust, when is property held on trust, and how an agent accounts for money or other property held on trust. The Draft also sets out the Board’s view on the consequences for failure to account for money or other property held on trust.
COMMENTS are due by 26 July 2012.
[LTN 114, 15/6]