Published Date: 26 Aug 2024
Members of the profession recognise that the recent significant changes to the regulatory framework governing registered tax agents and BAS agents are essential for maintaining trust and confidence in society. However, a balanced approach is necessary to ensure that the new rules are fairly implemented without causing major disruption to the vast majority of tax practitioners who overwhelmingly conduct themselves with integrity and honesty. The rapid implementation of layers of changes with short commencement dates, without adequate consultation or consideration of practical implications, hinders tax professionals’ ability to fulfil their duties effectively, leading some to contemplate leaving the profession altogether.
In this article, we explore the recent changes to the obligations imposed on tax practitioners, with a special focus on the breach reporting rules and the recently registered Ministerial Determination, and analyse their impact on the tax profession and the tax system.
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