Tax practitioner board 2024 new compliance rules for tax agents                   

From 1 January 2024:

Tax agents must not employ, or use the services of an entity to provide tax agent services on their behalf if they know/reasonably ought to know that the entity is disqualified, and the Board has not given approval under s 45-5 to employ/use services of the disqualified entity to provide tax agent services on your behalf.

Tax agents must also not provide tax agent services through an arrangement with an entity that they know/reasonably ought to know is disqualified.

The agent must comply with any obligations under s 30-12.

2024 ATO tax agents’ compliance updates

5 June:

Lodgment for entities are due on 15 May 2024 if the tax return is not required earlier if the following criteria are met:

  • Non-taxable or a credit assessment in latest year lodged; and
  • Non-taxable or receiving a credit assessment in the current year.

This includes companies + super funds but not medium nor large taxpayers and head companies of consolidated groups.

Tax returns due for individuals and trusts with a due date of 15 May 2024 should also be lodged so long as liabilities due are already paid by this date.

Note: This is not a lodgment due date, it is a concessional arrangement where failure to lodge on time penalties will not apply if you lodge and pay by this date.

21 June:

Lodge and pay May 2024 BAS.

25 June:

If lodging electronically, tax agents should lodge and pay 2024 Fringe benefits tax annual return.

30 June:

Super guarantee contributions must be paid to qualify for a tax deduction in the 2023-24 financial year. If the client has either Child Care Subsidy and Family Tax Benefit payments from Services Australia, client and their partners must lodge their 2022-23 tax return by this date, despite any deferrals in place.

For further information, contact the team at Sutherland Tse