From www.accountantsdaily.com.au: Tax and BAS agents must report significant breaches of the Code of Professional Conduct under the Tax Agent Services Act effective July 1, 2024, but the term “material loss” remains undefined, leading to ambiguity.
The Tax Practitioners Board acknowledges that materiality is subjective and case-specific, yet has not provided clear guidance on what constitutes a material loss, particularly for the ATO.
This lack of clarity may result in inconsistent interpretations and potential underreporting of breaches, contrary to the legislation’s intent.