The revised exposure draft addresses a number of concerns previously raised by the Institute’s submission dated Thursday, 9 August 2007. Members may refer here to the previous exposure draft released on Wednesday, 7 May 2007.  
 
Highlights include:

• Increased independence of the Tax Practitioners Board from the Commissioner of Taxation
• Re-wording of several provisions of the Code of Professional Conduct, and amendments to explanatory memorandum, to focus more on outcomes rather than process. For example, the requirement to supervise and control has been replaced with a requirement to provide tax agent services competently
• Changes to certain aspects of the tax agent registration system, including the removal of the requirement to carry on a business. This is considered to make the separate category of ‘nominee’ registration redundant
• The introduction of additional safe harbours from administrative penalty for taxpayers for the late lodgement of a document resulting from a tax or BAS agent’s careless.

• The Institute: Joint submission Tax Agent Services Bill  
  
• The Institute: Tax bulletin edition 20
• Treasury: Revised Exposure Draft Tax Agent Services Bill
• Treasury: Previous Exposure Draft Tax Agent Services Bill