Big Changes to Tax Agent Services Act
The Tax Agent Services Act 2009 (TASA) has undergone significant reforms by the Federal Government which will impact all registered tax practitioners and are designed to strengthen professional standards, improve consumer protect ion, and increase regulatory oversight.
As part of the reforms we are required to do a few things a bit different.
Client Communication and Engagement Letters
We are required to new engagement letter, which will ensure clarity around the services provided we will provide to you and the responsibilities of both parties. We must also keep clients informed about significant events (such as disciplinary actions or solvency issues) that occurred within the last five years which could influence your decision to engage with us.
Please note: We have no disciplinary actions or solvency issues to report.
Breach Reporting and Whistleblower Protections
New breach reporting obligations mean tax practitioners must report certain types of client non-compliance or misconduct, particularly where there is “substantial harm” as defined by the NOCLAR (Non-Compliance with Laws and Regulations) provisions.
Whistleblower protections have also been strengthened, providing greater security for those reporting misconduct.
Obligation to Keep Proper Client Records
We are required to keep records that correctly record the tax agent services we have provided as well as all advice received from the client. As part of this all calls to and from Spencer Accountants are now recorded and we will be documenting any discussions we have during appointments.
The changes to TASA will require accounting businesses to update compliance, engagement, and reporting procedures, with a particular focus on transparency, ethical conduct, and client protection. While these reforms may increase administrative tasks, they are intended to strengthen trust in the profession and align practices with evolving regulatory expectations.
The Spencer Accountants Team already comply with most of the TASA requirements, however we apologise in advance for any additional requirements we may have to introduce.
As part of our obligations under the Code (specifically, under section 45 of the Tax Agent Services (Code of Professional Conduct) Determination 2024), we are required to make you aware of a number of matters, on out website. You can view this information here.