Tax Alert - New Tax Agent Obligations from 1 July 2025

Lowe Lippmann Chartered Accountants

New Tax Agent Obligations from 1 July 2025


From 1 July 2025, “small” firms of tax practitioners (with 100 or less employees) must ensure they are complying with the eight new Code of Professional Conduct obligations from the Tax Practitioners Board (TPB).


These new Code obligations were introduced by the Government under the Tax Agent Services (Code of Professional Conduct) Determination 2024.


The new Code obligations have already commenced for large tax practitioners (with over 100 employees) from 1 January 2025.


As tax agents, Lowe Lippmann Chartered Accountants are committed to upholding our professional and regulatory obligations, including with the Tax Agent Services Act 2009 which includes the Code of Professional Conduct as regulated by the TPB.


Our obligations


Lowe Lippmann Chartered Accountants is required to advise current and prospective tax clients of various prescribed matters.


TPB Public Register


The TPB maintains a searchable register of tax agents and BAS agents: search here.


This Register also includes details of past breaches of the Tax Agent Code of Professional Conduct and specific sanctions imposed on tax agents. The TPB has provided guidance on how to use and search the TPB Register: see TPB guidance here.


Making a Complaint


Where you have a complaint that concerns a tax agent service or BAS agent service that we have provided, you have the right to make a complaint to the Tax Practitioners Board in accordance with their complaints process described here: https://www.tpb.gov.au/complaints.

Our responsibilities


As tax agents, we must comply with the Tax Agents Code of Professional Conduct along with other legislative and professional standard obligations to our clients as well as the Australian Taxation Office (ATO) and TPB.


Our clients also have obligations to comply with taxation laws, as well as being truthful with information provided, keeping complete records, and if required, providing them on a timely basis, being co-operative with requests and meeting due dates as requested by tax agents.


Further information about tax agent and client obligations is available on the TPB website: see TPB factsheet “Information for Clients”.

Events affecting our Tax Agents


Tax practitioners are required to disclose and provide details of any of serious prescribed events that have occurred involving the practitioner since 1 July 2022.


Serious prescribed events for a tax agent include (but is not limited to):

  • having their registration suspended or terminated by the TPB;
  • being an undischarged bankrupt or went into external administration;
  • being convicted of a serious taxation offence;
  • being convicted of an offence involving fraud or dishonesty;
  • serving, or sentenced to, a term of imprisonment in Australia for 6 months or more; and
  • penalised for being a promoter of a tax exploitation scheme.


We are not aware of any such matters relevant to Lowe Lippmann Agent entities.


If a serious prescribed events occurs after 1 July 2025, we will be required to disclose the matter within 30 days of any such event.


Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.

Liability limited by a scheme approved under Professional Standards Legislation


Audit Lowe Down – How do we account for the costs incurred when acquiring an asset?

August 26, 2025
How do we account for the costs incurred when acquiring an asset? When we acquire an asset such as property, plant and equipment, intangibles or inventory there are often significant other costs incurred as part of the purchase process, including delivery, stamp duty, installation fees. Whether we capitalise these to the value of the asset or expense them as incurred can make a significant difference to an entity’s reported position or performance. Since we have accounting standards for specific assets, the treatment can vary depending on the asset and the relevant standard. A summary of some common expenses and their treatment under four accounting standards has been included below. The four standards considered are: AASB 102 Inventories AASB 116 Property, Plant and Equipment AASB 138 Intangible Assets AASB 140 Investment Property.

Audit Lowe Down – What are contract assets and contract liabilities that arise under the revenue accounting standards?

August 12, 2025
What are contract assets and contract liabilities that arise under the revenue accounting standards? Deferred revenue, accrued revenue, revenue received in advance, contract assets, contract costs asset, contract liabilities and receivables are all line items we see in the balance sheet in relation to revenue. It can be confusing to understand what these terms mean and whether different words are being used for the same thing.  We have provided a guidance to these and similar terms to enable you to use them confidently and understand their meaning in a balance sheet.

Practice Update – August 2025

August 6, 2025
Paid parental leave changes have now commenced As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks. Superannuation will now also be paid on Government Paid Parental Leave from 1 July 2025, at the new super guarantee rate of 12%, paid as a contribution to their nominated superannuation fund. Parents will also benefit from an increase in the weekly payment rate of Paid Parental Leave, increasing from $915.80 to $948.10 (in line with the increase to the National Minimum wage). This means a total increase of $775.20 over the 24-week entitlement.
More Posts