Question

Briefly summarise the Professional Code of Conduct that should be adhered to by tax and BAS agents. Conduct independent research as needed. (100–150 words)

Answer 1

Professional code of conduct

The professional code of conduct regulates personal and professional conduct of all tax agents, BAS advisors and financial advisors. The code sets out five principles:

1.Honesty and Integrity

The code requires that tax agents, BAS advisors and financial advisors to act with honesty and integrity. It requires them to comply with taxation rules in their personal affairs too. It requires them to not mislead or deceive.

It requires them to act in the best interest of their clients. They must place adequate arrangement for the management of conflicts of interest, which may arise to the activities undertaken in the role of a registered tax agent.

The code required the agents to not disclose any information related to the client to a third party without the client’s permission.

It requires the agent to maintain the skills and knowledge relevant to the tax agent service provided. They must ensure that the service is provided completely. They must exercise sufficient care to ensure that the taxation laws are applied correctly to the circumstances to the service provided to a client. They must make effort in ascertaining a client’s state of affairs.

5.Other circumstances

They must not obstruct the proper administration of the taxation service. They must advice the client of their rights and obligations under the taxation laws that are materially related to the service provided. They must maintain the professional indemnity insurance that the board requires them to maintain. They must respond to the requests and directions from the board in a timely, responsible and reasonable manner.

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