Assistant Treasurer and Minister for Financial Services Stephen Jones. Source: AAP Image/ Mick Tsikas
Australia’s peak accounting and bookkeeping organisations are calling on Assistant Treasurer Stephen Jones to renegotiate a set of fresh industry rules, arguing tax practitioners will struggle to meet the August 1 compliance deadline.
On July 1, the Assistant Treasurer signed a legislative instrument outlining eight additional obligations for tax and accounting professionals under the Tax Agent Services’ Code of Professional Conduct.
The changes, designed to minimise misconduct and enhance confidence in the tax system, came as a surprise to industry participants.
Now, leading industry groups say the new obligations, which come into effect August 1, could impose significant compliance burdens on tax practitioners who already adhere to the Code.
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