G’day Aussie accountants!
If you’re an accountant in Australia, you've probably heard about the changes made to the Tax Practitioners Board’s (TPB) Code of Professional Conduct.
So what’s changed?
Recently, the TPB clarified key aspects of this code in a new Code Determination, outlining the expected standards for behaviour, integrity, and client interactions. The long and short of it is you need to keep a record of your interactions with clients.
The bad news? Manual note-taking is time consuming!
The good news? If you’ve got Cradle, record keeping is a breeze.
Here’s a quick rundown of what you need to know:
What’s this ‘Code Determination’ all about?
The Code Determination is essentially the TPB’s formal stance on the professional conduct expected of registered tax agents, BAS agents, and other tax practitioners. It serves as a guide to ethical behaviour, ensuring that tax professionals uphold integrity, transparency, and accountability in their work. This includes specific rules around handling conflicts of interest, the duty to act in the best interests of clients, and maintaining professional skills.
Why should I care?
In and amongst the weeds of the detail, there is one thing you’ll need to be across. The idea of the obligation is that your accounting practice will be required to have a record of all tax advice given to current and former clients.
That sounds like a lot of note-taking, right?
If you’re using a modern phone system, you may not need to change a thing.
Cradle, for example, automatically records and transcribes client phone calls into FYI Phone records, providing both a full transcription and a concise summary.
The transcription serves as an accurate record of conversations between accountants and clients, ensuring financial advice is well-documented. Meanwhile, the summary highlights key points and action items, helping you stay on top of customer service effortlessly.
With this seamless system, your records are securely stored forever—without adding extra steps to your workflow.
Understanding these new guidelines is crucial to avoid missteps and ensure your practices are fully compliant with the TPB’s expectations.
It’s likely your clients are going to be across this too, meaning adhering to the code isn’t just about ticking boxes - it’s about fostering trust with clients and maintaining the credibility of the profession as a whole.
When does this come into effect?
The TPB’s Code Determination is already in force, meaning now is the time to ensure your practice is compliant. With clients becoming more aware of these regulations, staying ahead of these changes will not only keep you compliant but also demonstrate your commitment to best practices in tax work.
The bottom line?
These standards aren’t just bureaucratic red tape; they’re a fundamental part of maintaining the professionalism and reputation of tax practice in Australia.
But staying compliant doesn’t have to mean more admin.
By upgrading your phone with smart systems like Cradle, you’re going to end up with a more effective team, giving better advice to your clients.
👉 Get in touch today and see how Cradle makes compliance effortless.
