44 | Fireside chat with George Housakos from Tax Yak about dobbing on yourself and your colleagues under the TASA (Part I)

Tax 'n' Lunch

In the first of two fireside chats, I was interviewed by George Housakos, senior tax trainer, from Tax Banter.

We yakked about two hot issues for every accountant this new financial year.

1. The New Tax Agent Breach Reporting Regime under the TASA.
2. The New Code of Conduct of Professional Conduct Determination under the TASA.

We took a deep dive into the newly released documents for these two matters.

The first document being the new Tax Agent breach reporting regime, whereby the TPB has provided guidance material pursuant to TPB (I) D53/2024 (which came into effect on 1 July 2024, to help tax practitioners (which includes Tax and BAS agents) gain an understanding of the updated breach reporting obligations under section 30-35 and 30-40 of the Tax Agents Services Act (TASA) 2009.

These obligations require registered tax practitioners to mandatorily report on two matters.

• ‘Significant breaches’ of the Code of Professional Conduct in the TASA relating to their own conduct to the Tax Practitioners Board (TPB); and
• ‘Significant breaches’ of the Code of Professional Conduct by other tax practitioners in the TASA to the TPB and the recognised professional association of that tax practitioner.

Stay tuned for Part II where we yak about the second document being the new Legislative Instrument registered on 1 July 2024 titled Tax Agent Services Code of Professional Conduct (or the Code) Breach Reporting regime (for registered tax agents and BAS agents) which came into effect on 1 August 2024.

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