Looking at the issues from the perspective of an SME practitioner, this paper explores:
- What the Tax Agent Services Code of Conduct requires, particularly in respect of the need to take reasonable care
- What level of reliance can a tax agent place on a client’s records?
- What records must a client keep and why?
- Does a tax agent need to conduct some form of detailed review or audit of a client’s records in order to satisfy the reasonable care requirement?
- Can a tax agent exclude particular aspects from the scope of their engagement and still meet the reasonable care requirement?
- Is it possible to meet the best practice standards expected by the ATO?
- What happens if a tax agent doesn’t meet the standard expected by the ATO?