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Update - Code of Conduct Determination 2024

As many tax and BAS agents would be aware, a Senate vote took place yesterday afternoon regarding a Disallowance Motion of the Assistant Treasurer's new Code of Professional Conduct Determination 2024.

The vote was tied at 31 votes for and against the Motion, and as a result was unsuccessful.

However, this does not mean it’s the end of the efforts by Australian Bookkeepers Association (ABA) and other industry bodies to ensure a fair and practical outcome is achieved for the tax and BAS community and your clients. A statement read in the Senate by the Government just prior to the vote stated:

“The government has committed to industry bodies to make further changes to the tax Determination, on which we intend to publicly consult and finalise by early October.”

Also, prior to yesterday’s vote, the Assistant Treasurer met with industry representatives from the Joint Bodies and agreed to significant changes to the Determination addressing concerns about False and Misleading Statements (Section 15) and Keeping Clients Informed of Relevant Matters (Section 45). There remain additional concerns within the Determination, however, the government has committed to making further changes to reduce duplication covered in other code items, as well as a willingness to ensure the Code is clear and unambiguous to interpret for both agents and the regulator (The Tax Practitioners Board).

What was evident through the advocacy efforts by us and the Joint Bodies more broadly, was that whilst the underlying basis for the Determination to raise the bar for the Tax/BAS Agent community is warranted and not without merit, many Senators are simply unaware of the broad and devastating impacts the Determination in its original form would have had on the entire industry. ABA thanks all Senators who voted to support the Disallowance Motion. A critical voice (and vote) in the Senate yesterday was that of independent Senator David Pocock (with the Greens having sided with the Government to block the Motion to Disallow). Correspondence received overnight by ABA from Senator Pocock’s office outlined a sound and reasonable basis upon which his decision was made not to support the Motion to Disallow. Most importantly, however, was a commitment from Senator David Pocock to engage with the industry and government over the next month to ensure the Government delivers on its agreement with the Joint Bodies to make further changes to the Determination which will see a clear, precise and workable Code for the industry. Australian Bookkeepers Association thanks Senator Pocock for his considered views and his commitment to see an acceptable outcome for all stakeholders (the general public, government and the tax/BAS agent community).

ABA also acknowledges and thanks all BAS Agents who supported our earlier petition which raised over 2100 signatures and was presented to the government, outlining the concerns of our industry, and for those BAS Agents who spoke directly to their local members.

Finally, ABA wishes to ensure all our members that we will continue to advocate for a practical outcome for our industry. Should any resources be required once the final determination wording is known, we want to assure all members that these will be made available well before the implementation date of 1 July 2025.

Kind Regards

Australian Bookkeepers Association