In light of the new task force focussing on tax avoidance, superannuation, and underpaying employees, what is the best way our members can protect themselves from being liable for their client’s/employer’s actions?
ICB recommends our members keep records of all interactions/instructions received from the company, and:
- Be professional
- Have processes fully documented and in place
- Have checklists readily available – date, time, notes, show calcuations
- Stay connected to competent reliable updates and information – check the ICB website for news, ATO website for fact sheets
- Have an engagement letter that clearly outlines what you are responsible for – review this at least annually
- Communicate regularly with your client – keep copies of correspondence
- Ask questions – don’t be afraid of querying any instructions for clarity
- Document your questions, their answers, your advice
- Don’t be part of underpayments – refuse to process these, and document your refusal
- If the business has been told before, especially by a regulator, and has not fixed it – disengage!