Tax Agent Services Act 2009 A focus on Reasonable Care Adrian Abbott

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Presentation transcript:

Tax Agent Services Act 2009 A focus on Reasonable Care Adrian Abbott May 2013

Background Part VIIA ITAA 1936 Tax Agent Services Act 2009 Objectives National Registration Code of Professional Conduct Honesty & Integrity Independence Conflict of Interest Confidentiality Competence: Reasonable Care Not Knowingly Obstruct Client’s Rights PI Insurance Respond to RPB Sanctions & Penalties Establishes Tax Practitioners Board Pronouncements of Tax Practitioners Board

Safe Harbour Provisions What is Safe Harbour and why is it important? Taxation Administration Act 1953 False or Misleading Statements – Schedule 1 section 284.75 Late Lodgement – Schedule 1 section 286.75 Reasonable Care – The Big Issue Examples of reasonable care issues and Questions

Interpretation of Tax Agent Services Act 2009 Code of Professional Conduct Explanatory paper EP 01/2010 Honesty & Integrity – Independence - Conflict of Interest – Confidentiality Not Knowingly Obstruct - Clients Rights - PI Insurance Respond to Tax Practitioners Board Competence: Reasonable Care Understanding Clients State of Affairs TASA section 30-10(9) Test for taxpayers Test for professionals Test between professionals Examples – Re Arnett -- Client information

Interpretation of Tax Agent Services Act 2009 Taxation laws applied correctly TASA section 30-10(10) Martinezzo v C of T [2009] AATA 61 The Tribunal decides Test of the “Ordinary person” Where an Agent is uncertain

Interpretation of Tax Agent Services Act 2009 Exposure Draft - ED D15/2012 Reasonable Care – Client’s State of Affairs Examples and Questions 1-12 Exposure Draft - ED D16/2012 Reasonable Care – Taxation Laws Applied Correctly Examples and Questions 1-6

Record Keeping and the Code of Professional Conduct Record Keeping – section 262A ITAA 1936 Commissioner’s Rulings TR 96/7 TR 2005/9 PSLA 2008/14 Commissioner’s Guide for Small Business Benchmarking – The ATO Audits of the Future Commissioner’s Guide for Tax Practitioners Best Practice - Question

Worrying Times Agents Under Pressure With Workload Issues To Obtain Safe Harbour Protections To Comply with Reasonable Care Provisions To avoid Sanctions and Penalties To defend a negligence action

The relationship you can count on