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The Tax Practitioners Board has released four draft guidance documents for public consultation including three new and one updated guidance document for tax practitioners.
The three new guidance documents explained with example, the types of services that constitute a tax agent service; the types of services that constitute a BAS service; and the types of arrangements that determine if a tax agent or BAS service is being provided for a fee or other reward.
TPB chair Ian Klug AM said these guidance documents will help those who are unsure to determine whether they should be registered with the TPB.
“There are significant penalties for those providing tax agent or BAS services for a fee or other reward without being registered with the TPB,” he said.
The other draft document that the TPB has released for consultation is an update to the existing confidentiality of client information guidance. The TPB has now included guidance on how the confidentiality obligations apply to tax practitioners when they disclose information under the tax whistleblowing laws and non-compliance with laws and regulations (NOCLAR) framework.
“‘Tax practitioners play an important role in maintaining the integrity of tax system,” Mr Klug said. “This guidance assists tax practitioners in ensuring that when they report unlawful tax activities to eligible authorities, they are not breaching their confidentiality obligations under the Code of Professional Conduct.”
All four draft guidance are open for consultation until 12 September 2022. Submissions can be sent by email to [email protected] or by mail to Tax Practitioners Board, GPO Box 1620, Sydney NSW 2001.
The TPB will consider all submissions received before finalising its position.