Taxpayer & Tax Practitioner Obligations under new Code of Professional Conduct Laws

At Minimal Accountant we are dedicated to upholding the highest standards as registered tax practitioners, consistently meeting and surpassing the expectations set by The Tax Practitioners Board.

The Tax Practitioners Board maintains a register of tax agents and BAS agents. You can access and search this https://www.tpb.gov.au/home. This register includes details of the registration (and conditions if applicable) of Minimal Accountant Pty Ltd and our individual registered tax agents with whom you engage.

Tax agents have obligations to the Tax Practitioners Board and to their clients. Please refer to these obligations on the You also have obligations under the taxation laws and to your tax agent. Please refer to these obligations on the https://www.tpb.gov.au/obligations or the TPB’s fact sheet "Information for Clients".

Your engagement letter with Minimal Accountant Pty Ltd and the Standard Terms and Conditions set out our procedures for dealing with problems or complaints. The Tax Practitioners Board also has a complaints process in relation to tax agent services as outlined on their website which can be https://www.tpb.gov.au/complaints.

Both Tax agents and clients have an obligation not to make false or misleading statements to the Tax Practitioners Board or the Australian Taxation Office. If it becomes apparent a false or misleading statement has been made to either body, there is a requirement for this to be rectified in a timely manner. Please refer to these obligations on the Tax Practitioners Board website https://www.tpb.gov.au/code-obligations-when-making-or-preparing-statements.

What is expected of you as clients and taxpayers:

Your Obligations:

• Be truthful with the information you provide to your tax practitioner.

• Keep the required records and provide them to your tax practitioner on a timely basis, as required.

• Be cooperative with your tax practitioner’s requests and meet their due dates.

• Comply with tax laws.

If you do not meet your obligations:

• The ATO may impose administrative penalties (fines).

• Interest charges may be applied.

• In some cases, criminal prosecutions may be sought.

• The ATO may initiate debt recovery.

What is expected of tax practitioners under these new laws?

Tax practitioner obligations:

• Act honestly and with integrity.

• Uphold and promote the ethical standards of the tax profession.

• Act lawfully in your best interests.

• Manage any conflicts of interest.

• Take reasonable care to ascertain your state of affairs and apply tax laws correctly.

• Keep your information confidential unless there is a legal duty to disclose.

• Provide services competently.

• Not knowingly obstruct the administration of the tax laws.

• Advise you of your rights and obligations under the tax laws

• Account to you for money or other property on trust.

• Not make false or misleading statements to the Tax Practitioners Board or ATO, and in some cases withdraw their engagement with you and notify the Tax Practitioners Board or ATO of certain matters.

• Keep proper records.

• Keep you informed of certain matters so you can make informed decisions.

• Address any false or misleading statements they are responsible for.

• Engage with clients to address other false or misleading statements, exploring options to correct.

• In higher risk cases, withdraw their services and notify the ATO or Tax Practitioners Board about false or misleading statements.

If tax practitioners do not meet these obligations:

• Their registration can be suspended or terminated.

• They could receive a caution or orders from the Tax Practitioners Board – for example, undertaking education or working under the supervision of another registered tax practitioner.

• Have fines imposed on them by the Federal Court.

• Their clients’ tax and superannuation matters may not be accurate.

• Clients may be subject to enquiries or audits.

• Any tax shortfalls may attract penalties and interest.

• Litigation to review decisions and to recover debts.

• In the case of fraud or criminality, penalties may lead to prosecutions.

Section 45 of the Tax Agent Services (Code of Professional Conduct) requires Minimal Accountant Pty Ltd to notify you if it becomes aware of certain events which have occurred in the past 5 years. Minimal Accountant Pty Ltd is not aware of any such events.