As we head into yet another financial year, it’s a good time to revisit changes to Tax Agent Services Act (TASA) and the Tax Practitioners Board (TPB) Code of Professional Conduct. These changes require all registered tax agents to take reasonable steps to verify the identity of clients before providing tax services. These requirements apply to both new and, where appropriate, existing clients.
While this introduces additional steps to our process, it is designed to better protect you against identity theft, tax fraud and unauthorised access to your tax information.
Why are these changes being introduced?
Identity theft and tax fraud continue to increase across Australia.
The Australian Government has strengthened the professional obligations of registered tax agents to ensure they:
- Protect client information
- Reduce the risk of identity fraud
- Prevent unauthorised tax lodgements
- Maintain the integrity of Australia’s tax system
These verification requirements are now part of the professional standards all registered tax practitioners must follow.
Who needs to complete identity verification?
Identity verification may be required for:
- New individual clients
- New business clients
- Existing clients where we have not previously established your identity in accordance with current professional requirements
- Individuals acting on behalf of a company, trust, partnership or other entity
If you have been a client of Abound for many years, you may not need to complete a new verification if we have already taken reasonable steps to verify your identity. We will advise you if any additional information is required.
What identification will I need?
Individual Clients
Typically, we’ll ask you to provide one primary form of photographic identification, such as:
- Australian Driver License
- Australian Passport
- Proof of Age Card
If photographic identification isn’t available, we may request alternative documentation in accordance with TPB requirements.
Businesses, Companies, Trusts & Other Entities
Depending on your circumstances, we may request documentation such as:
- ABN or ACN details
- ASIC company information
- Trust Deed or Partnership Agreement
- Evidence that the person engaging us is authorised to act on behalf of the entity
Only the information necessary to meet our legal obligations will be requested.
How can I complete my ID verification?
To make the process as easy as possible, Abound offers several secure verification options.
You may be able to verify your identity by:
- Presenting your identification during an appointment at our office
- Completing verification during a secure video meeting
- Using our secure electronic identity verification process (where applicable)
For your protection, we do not recommend sending identity documents via standard email wherever possible.
How your information is protected
We understand that your personal information is sensitive.
Any identity information collected is handled securely and in accordance with our privacy obligations and professional standards. We only collect information necessary to satisfy our legal and regulatory requirements, and most importantly to note – we do not store this information.
Frequently Asked Questions
Will I need to do this every year?
No. In most cases, once your identity has been appropriately verified, you won’t need to repeat the process unless circumstances change or further verification is required under professional obligations.
I’ve been an Abound client for years. Why am I being asked now?
The professional standards for tax practitioners have changed. While many long-term clients won’t require further verification, some clients may need to complete identification if our records don’t meet the current requirements.
Is this an Abound policy?
No. These requirements have been introduced under the Tax Agent Services Act and apply to registered tax practitioners throughout Australia.
Questions?
If you have any questions about the new identification requirements or the verification process, please contact our team.
We’re here to make the process as simple and secure as possible while continuing to provide the high level of service you expect from Abound.
