Important Update: New Tax Practitioner Rules – What It Means For You

If you’ve been working with us for a while, you know we’ve always done things properly. We keep detailed records, communicate clearly, and make sure you understand exactly what we’re doing for you. Well, guess what? Every small tax practice in Australia will be required to do exactly what we’ve been doing all along.

From 1 July 2025, all small tax practices in Australia must comply with new government standards that will significantly change how tax advice is delivered. These eight new obligations under the Code of Professional Conduct will formalise practices that PBS Accountants has long maintained as standard.

What’s Changing?

The days of quick phone calls for tax advice are officially over. Here’s what you can expect:
· Formal Written Advice: Informal tax discussions will now require documented, written advice.
· Engagement Letters for Every Service: Each service must be confirmed with a signed agreement, which we’ll manage securely via our digital platform, Ignition – or by paper if you prefer.
· More Documentation & Communication: Expect more written updates and formal documentation, designed to provide transparency and protect both parties.

Why This Is a Positive Shift

These changes are designed to:
· Increase transparency across the industry
· Build public trust in tax professionals
· Ensure consistent, high-quality service

In essence, the industry is aligning with the standards we’ve always upheld. Steve often says, “If you’re doing the right thing, you’ve got nothing to worry about.” These changes simply ensure everyone in our industry is held to the same standard.

What This Means for You

As we adapt to these new requirements:
· Services that were previously offered informally may now incur a fee
· You’ll gain access to detailed, written records and clearly defined service terms
· We’ll need prompt communication and cooperation to keep things running smoothly

Supporting You Through the Change

We’re embracing technology to streamline the process:
· Digital engagement letters
· Easy, 24/7 access to your records
· Fast and efficient communication with our team
Prefer a traditional approach? Paper options are still available.

What Happens Next?

You’ll begin receiving engagement letters and formal confirmations for all services. If you have any questions about how these changes affect you, our team is ready to assist.

Ready to experience the new standard of tax advice? Contact PBS Accountants & Advisers to discuss how these changes will benefit your business and personal financial management.

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Disclaimer: This article provides general information about changes to tax practitioner obligations. These changes are mandated by government regulation and apply to all tax practitioners. For specific advice about how these changes affect your circumstances, please contact PBS Accountants & Advisers directly. This content is not intended as specific legal or financial advice.