The Federal Government will shortly introduce a new Tax Agents Services regime, with a National Tax Practitioners Board to monitor the activities of Tax Agents and BAS Agents. Michael Jones of Cummings Flavel McCormack says it will lead to a more formal relationship between client and tax agent, with Letters of Engagement setting out precisely what is expected of the Agent. There'll also be a Code of Conduct which will provide some limited protection for clients from ATO penalties in the case of late lodgment or mis-statements by their Agent.
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The Federal Government will shortly introduce a new Tax Agents Services regime, with a National Tax Practitioners Board to monitor the activities of Tax Agents and BAS Agents. Michael Jones of Cummings Flavel McCormack says it will lead to a more formal relationship between client and tax agent, with Letters of Engagement setting out precisely what is expected of the Agent. There'll also be a Code of Conduct which will provide some limited protection for clients from ATO penalties in the case of late lodgment or mis-statements by their Agent.