Tax Australia Pty Ltd provides written advice and a range of other services to members of Tax & Super Australia (TSA).
If you are a TSA member, these new services are designed to reduce your risk, make your life easier, and enhance the services you provide to your clients.
Here’s the scenario…
One of your clients notifies you of a major upcoming transaction. As they provide further details, it becomes apparent that some aspects of the transaction are beyond your skills and everyday scope of practice. It’s a scenario – and not an uncommon one – that can cause all sorts of problems… So what do you do?
Have I given the correct advice?
Are my client and I going to get taken advantage of because of my lack of skill in this area?
If something goes wrong and I’m investigated by the ATO or Tax Practitioners Board, will I be disciplined for advising on something that was beyond my skills?
Will I be sued for negligence?
DID YOU KNOW?
Standards mandated by your professional association, including the Tax Practitioners Board’s Code of Conduct, require you to only advise on those matters on which you are competent. If you are not sufficiently skilled, you are required to either refuse to advise on the matters or refer them to a practitioner with the necessary expertise. Breaching these standards can incur disciplinary action, including the removal of your tax agent registration.
We do not want Tax & Super Australia members to face the potentially very serious repercussions
of ‘going it alone’ in providing advice on complex tax and superannuation matters.
This is why Tax Australia has been created – to step in and help you so that you are protected and your client gets the best advice.
“Your Helpline is very efficient and always receptive to the challenges of public practise.
I am grateful to all your tax specialists as they are very knowledgeable and excellent communicators. The accounting world can be a lonely place when you are a sole practitioner.
– Peter Evan Kontovagios CPA MIPA, Principal, PKS Accountants & Business