The Australian Government has recently introduced significant reforms for all registered tax agents, through regulatory bodies including the Australian Taxation Office and the Tax Practitioners Board (TPB). 

Having worked in the accounting and taxation industry for nearly 20 years, I can confidently say that these reforms—introduced under the new “Tax Agent Services (Code of Professional Conduct) Determination 2024”—are among the most impactful I have encountered during my career. 

One key requirement of this new legislation is that all tax agents must issue updated engagement letters to their clients. These letters must now include specific clauses outlining: 

1. The TPB Public RegisterThe TPB maintains a public register of tax and BAS agents, which can be accessed here: https://myprofile.tpb.gov.au/public-register/

2. Complaints ProcessInformation on how to lodge a complaint regarding a tax agent’s services, and details of the TPB’s complaints process, can be found at: https://www.tpb.gov.au/complaint

3. Our Mutual Rights and ObligationsThis includes our responsibilities to you as your tax agent, as well as your obligations to us. 

4. Disclosure of Relevant Events (Past 5 Years)We are required to disclose if any of the following have occurred to us as tax agents:
   • Suspension or termination of registration 
   • Bankruptcy or external administration 
   • Conviction of a serious taxation offence 
   • Conviction of an offence involving fraud or dishonesty 
   • Imprisonment in Australia for 6 months or more 
   • Penalties, injunctions, or breach of undertakings under tax promoter penalty provisions 
   • Federal Court orders to pay civil penalties under TASA 

We are pleased to confirm that none of the above events have occurred to Fuse Accounting or the individual tax agent license holder, Elliot Johnson.

5. Conditions on RegistrationWe must also inform you if our registrations are subject to any conditions. We are pleased to confirm that neither Fuse Accounting nor Elliot Johnson’s tax agent licenses are subject to any conditions.

Please note that the above items relate specifically to the legislative requirement to notify clients. Additional obligations under the new legislation include enhancements to our internal quality control systems and the implementation of a new breach reporting regime. 

You can read the full details of these legislative changes on the TPB website here: 

https://www.tpb.gov.au/tax-agent-services-law-changes-overview

It is important to highlight that these requirements apply to all tax and BAS agents across Australia. 

At Fuse Accounting, we take pride in already aligning with the principles of the TPB’s Code of Professional Conduct. We are confident in our ability to fully comply with the new legislative requirements.