Extra Reading Flashcards
Utilitarian Approach
What option will produce the most good and do the least harm
The rights approach
Which option best respects the rights of all who have a stake
The justice approach
Which option treats people equally or proportionately
The common good approach
Which option best serves the community as a whole, not just some members.
The virtual approach
Which option leads me to act as the sort of person I want to be?
Three mechanisms that a registered TPB practitoner may use to manage COI
1 control
2 Avoid
3. Disclose
TPB - Whilst many conflicts of interest can be managed by a combination of internal controls and disclosures, some conflicts cannot be managed in these ways and in such cases the registered tax practitioner should
avoid the conflict or refrain from providing tax agent services
TPB - when should disclosure of conflict occur
Before or when service provided. In any case at a time that allows the client reasonable time to assess its effects.
TPB - what must happen if sending personal info to third parties (e.g. outsourced providers)
Get permission from client.
Privacy Act - What is the difference between personal information and sensitive info - give examples
Personal Information - Info that can identify a person. e.g. DOB, Name, address
Sensitive Information - Info that is not identifying e.g. Race, Religion, Sexual orientation.
Privacy - What defines a notifiable data breach
One where personal information is accessed or disclosed without authorisation and is likely to result in serious harm
Under TPB if receiving a referral fee must:
Diclose - e.g. identify and disclose
privacy - what are steps if there is a breach
Contain
Assess
Notify
If you are in your professional year. Who is responsible for the SOA you give?
The nominated supervisor
Are commissions on group life in super allowed
No
