Important Changes to the Tax Agent Services Act

On 2 July 2024, new obligations for tax practitioners were introduced under the Tax Agent Services (Code of Professional Conduct) Determination 2024. Our membership body, Chartered Accountants Australia and New Zealand (CA ANZ), has voiced its members regarding these changes, particularly Sections 45 and 15.

KEY ISSUES

- Section 45: Requires disclosure of “any matter” dating back to July 2022, which could significantly influence client decisions. The ambiguity around what constitutes "any matter" remains a major concern.

- Section 15: Imposes an obligation on practitioners to “dob in” clients who refuse to correct misleading information. CA ANZ argues that this could hinder open communication between practitioners and clients.

While a transitional rule extends compliance deadlines, CA ANZ believes that the changes should be re-evaluated to address these critical issues.

OUR CONCERNS

We support that the determination assists in closing perceived regulatory gaps and decreasing the chance of a repeat of misconduct of advisors. Our advocacy has included writing to our local Federal member. We ask the Government to invite appropriate consultation on these matters.