The Tax Institute welcomes the opportunity to make a submission to the ATO in relation to the Consultation Paper - Transition to strengthening client verification (Consultation Paper).
The Tax Institute understands the importance of client verification and supports the application of a minimum standard across the tax profession. However, this needs to be balanced with the compliance burden that the verification requirements outlined in the Consultation Paper will impose on tax professionals. Our submission also acknowledges the concurrent release by the TPB of the Exposure Draft TPB Practice Note TPB(PN) D45/202.
Our submission seeks to address the consultation questions in the Consultation Paper and outline the main concerns in relation to the verification requirements set out in the Consultation Paper.