Accountants will need to publicly disclose their political and religious beliefs under new industry regulations that come into effect next month.
A coalition of industry bodies, representing the accounting and tax industry, is calling on the Federal Government to re-think the implementation of a new legislative instrument that impacts practitioners’ disclosure, confidentiality and record-keeping obligations.
The changes were formalised by Assistant Treasurer Stephen Jones in early July through a determination which modified the tax agent code, with changes to take effect from August 1.
The move prompted members of the Tax Practitioners Board to call for a re-think and for the creation of charge.org petition, which has attracted more than 1500 signatures in two days.
The petition calls the new tax rules “unfair” and “unworkable”.
It said the new rules included a range of measures that small accounting practices must implement by August 1.
“These measures are materially different from the draft rules our industry professional bodies provided feedback about, and they are simply impossible for small businesses to comply with in such a short timeframe,” the petition states.
It stated the final new rule, S45 – Keeping your clients informed of all relevant matters, was of particular concern.
“It requires accountants to disclose all past professional and personal matters to the public on their business websites and in engagement letters. This includes health issues, mental health issues, partnership disputes, staff shortages, political, religious, and social views and family issues.
“This requirement is an invasion of personal privacy and goes beyond what is necessary for transparency and accountability. It places an unreasonable burden on small accounting practices and exposes personal information that should remain private,” the petition states.
It calls for Assistant Treasurer Jones to clarify what “any matter” means for the purposes of making public declarations.
“Preferably, they could immediately put in place an amendment to the existing Code to change “any matter” to “any matter related to the Tax Practitioners Board” or similar,” the petition suggests.
Signatories to the petition have re-inforced concerns with many calling out the major impact on smaller firms.
“Small firms lack the resources to comply with all these changes. Many are considering leaving the industry,” one signatory said.
Another said: “These rules are placing an undue burden on small accounting practices across Australia and threaten the viability of our essential services.”
“I am a small one-person practice. No staff. If the Big 4 can’t behave themselves it is not my issue,” was another comment.
