TPB releases new AI Guidance Statement

The Tax Practitioners Board (TPB) has released a Guidance Statement on the use of artificial intelligence (AI) to help registered tax practitioners understand how their existing obligations under the Code of Professional Conduct apply when using AI in practice.
 
The guidance outlines key considerations, including competence, reasonable care, confidentiality, record-keeping, supervision and professional judgment. While AI can improve productivity and efficiency, tax practitioners remain responsible for the services they provide and must review AI-generated outputs to ensure they meet their professional obligations.