All tax agents will need to review their structures and procedures to ensure they are not in breach of any of the requirements of the new regime. This paper focuses on the things you need to do to ensure that the new regime will not adversely affect the ongoing operation of your practice including:
- registration requirements
- adequate supervision and control of employees
- outsourcing to related entities, Australian entities and offshore entities
- structures that can be used including partnerships and trusts
- the Code of Professional Conduct
- updating engagement letters and ensuring instructions are adequate
- penalties for taxpayers relying on tax agents versus sanctions on tax agents for breach of the Code.