From www.smsfadviser.com: The Tax Practitioners Board has released guidance emphasizing the obligation for tax practitioners to self-report breaches resulting from third-party software usage, effective from July 1, 2024.

A case study exemplifies this requirement, where a BAS agent must report a significant breach after using faulty software that incorrectly processed GST claims, despite taking corrective actions.

The TPB’s guidance highlights the necessity for practitioners to independently verify software outputs and maintain accountability for compliance with tax laws.