Tax practitioners get help for cloud tech regulation

tax-practitioners/cloud/regulations/

31 January 2017
| By Hope William-Smith |
image
image
expand image

The obligations for operating in a cloud environment as a tax practitioner are increasingly complicated, so new assistance available is helping professionals with understanding their legal duties, according to the Tax Practitioners Board (TPB).

TPB chairman, Ian Taylor, has released guidance in the form of a cloud computing practice note, which outlined factors for consideration when practitioners entered into cloud arrangements. The guidance would also highlight negative consequences to inadequate cloud arrangements, as well as further reference information.

"The practice note provides practical assistance to tax practitioners, raising awareness of relevant considerations when entering into cloud arrangements and outlining where to find further information," he said.

"We are pleased to release the practice note to assist tax practitioners in understanding relevant obligations when operating in a cloud environment."

The finalised guidance would take consideration of feedback provided to the TPB after an exposure draft for stakeholder comment was released in October 2016.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS