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A motion to disallow the code changes for Tax Agents has failed to succeed in the vote held in the Senate today.
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Disallowance motion on code changes voted down in Senate
10 September 2024
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6 minute read
Obligations introduced by the Assistant Treasurer look set to proceed with a motion to disallow the changes failing to gain enough votes in the Senate today.
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The motion moved by Senator Dean Smith to disallow the Tax Agent Services (Code of Professional Conduct) Determination 2024 received 31 ayes and 31 noes in the vote this afternoon.
The determination, which was first introduced by Assistant Treasurer Stephen Jones in July, introduces eight new obligations for registered tax and BAS agents.
The obligations have received considerable backlash from the tax profession, particularly sections 15 and 45.
Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth previously stated that the the regulations were "completely unnecessary and would drive up costs for Australians and small businesses who rely on tax professionals to help with their financial affairs".
Senator Dean Smith filed a motion to block the new obligations last month following concerns raised by professional bodies and the wider tax community.
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The government has committed to undertaking further consultation on the changes following a roundtable held with the bodies last week.
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