Tax Agent Services (Code of Professional Conduct) Determination 2024
All tax and BAS agents must comply with the new Tax Agent Services (Code of Professional Conduct) Determination 2024 by 1 August 2024.
What is TASA Determination 2024?
Tax Agent Services (Code of Professional Conduct) Determination 2024 introduces 8 additional obligations relating to:
Honesty and integrity
- Upholding and promoting the ethical standards of the tax profession
- False or misleading statements
Independence
- Conflicts of interest in dealings with the government
Confidentiality
- Maintaining confidentiality in dealings with the government
Competence
- Keeping of proper client records
- Ensuring tax agent services provided on your behalf are provided competently
Other responsibilities
- Quality management systems
- Keeping your clients informed of all relevant matters.
What is expected from my accounting practice?
The key things expected in this standard include…
- establishing and maintaining a quality management system
- upholding and promoting the ethical standards of the tax profession
- keeping proper client records for at least 5 years after the service has been provided
- informing current and prospective clients of all relevant matters that may influence their decision to engage with you
- not providing false and misleading statements to the TPB or government
- ensuring tax agent services provided on their behalf are provided competently
- maintaining confidentiality in dealing with the government
- identifying, documenting and disclosing conflicts of interest in dealings with the government
Will it affect my accounting practice drastically?
As per CPA Australia, the obligations regarding honesty and integrity, independence, confidentiality and competence are consistent with the existing obligations in the Code and with the fundamental principles in APES 110 Code of Ethics for Professional Accountants.
Accordingly, members who have a system of quality control in accordance with APES 320 or Auditing Standard ASMQ 1 (where required) should satisfy the quality management systems obligation of section 40 of the Determination.
How can we help you get compliant?
Quality Assurance for Accountants is Australia's only specialised consulting firm that helps accountants meet their quality obligations.
Our quality manuals are already compliant with the current standards and are successful in quality reviews from CPA, CAANZ and IPA.
- We conduct a thorough interview and assessment of your accounting practice so that we can provide you with tailored complying manuals
- We provide advice and tips on how to improve the quality of your accounting practice
- We can help you prepare for quality reviews from any of the three professional accounting bodies
- We are continuously improving our services and manuals to comply with new standards
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