Accounting bodies have urged Labor to delay implementing new rules for professional services that were designed after the PwC tax leaks scandal, and warn that the changes risk widespread inconsistency and compliance failures.
Assistant Treasurer Stephen Jones is overseeing the introduction of eight new standards and obligations for tax professionals and bookkeepers, due to come into force from August 1 through government regulation.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com