LABOR’S NEW TAX AGENT RULES SPREAD UNCERTAINTY AMONGST LOCAL ACCOUNTANTS

Federal Member for Riverina Michael McCormack has called out the Albanese Labor Government for recklessly introducing new regulations and obligations on tax practitioners without adequate warning and a lack of adequate consultation.

 “These changes, coming into effect on 1 August, were issued by Assistant Treasurer and Minister for Financial Services Stephen Jones on 1 July,” Mr McCormack said.

 “Labor has given local tax practitioners a mere month to prepare for the new rules, which have left many scrambling to comply.

 “It’s yet another example of Labor making rules for the big end of town. Huge multinational accounting firms will have the capacity and resources to make the changes necessary to adhere to these new obligations. However, small regional accounting firms, already inundated during tax season, face an unrealistic timeframe to comply.

 “Worse still, it’s plainly evident that Labor hasn’t thought this decision through and weren’t ready for the numerous justifiable concerns and complaints of those set to be affected by the changes.

 “Only half-way through this month did the Tax Practitioner’s Board come out with further clarification, ironically stating guidance materials to assist tax practitioners in upholding the new obligations are yet to come and are expected to be released in September.

 “It’s just not good enough and perfectly embodies this chaotic Labor Government.

 “Labor decided to make these changes, but for whatever reason neglected to prepare any advice on how to follow them and is now playing catch-up.

 “The Coalition has called on Minister Jones to withdraw these changes and conduct further consultation with the industry before making such rash and poorly thought-out decisions.

 “The Government needs to ensure any changes do not come at the expense of overburdening local accountants, bookkeepers and tax agents with more red tape.”  

 ENDS