Celebrating its tenth anniversary, the Tax Practitioners Board (TPB) has released a new corporate plan for 2020-21, outlining its purpose, vision and values for the coming year.
In his introductory message, TPB Chair, Ian Klug AM, explains the role of the TPB is to support the public and enhance the integrity of the tax profession.
‘On our tenth anniversary, our vision speaks powerfully to the important role we play not only in upholding the broader integrity of the tax system but also in implementing whole-of-government reform initiatives,’ Mr Klug says.
‘The way we achieve our purpose, as set out in this plan, includes supporting honest practitioners, who make up the large majority, through registration services, complaint resolution, investigations of alleged misconduct and, where appropriate, sanctions.’
Mr Klug says that the Australian community generally has high levels of trust in its tax practitioners – with over 71% of taxpayers choosing a tax professional.
‘This year we want to improve our services for those tax practitioners who model professional and ethical conduct,’ he said.
Mr Klug also refers to the TPB compliance program, modified to target high risk tax practitioners, particularly those who have attempted to defraud government stimulus measures.
He adds that in 2020-21 there will be an increased focus on these and unregistered advisers, expecting 1,000 investigations to be completed.
‘Sanctions, such as suspensions and terminations, will be imposed after review and decision by our independent board – supporting community confidence in the integrity of the system and providing a deterrent to misconduct.’
Mr Klug says the TPB is ‘continually evolving, taking insights from government reviews’ and refers to ‘opportunities to support government decisions on reforms arising from the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry’.
He also says the TPB awaits the government decisions on the recommendations arising from the independent review of the TPB, saying: ‘Subject to these decisions, we are confident that the TPB will continue to effectively serve the community into the future.’
About the Tax Practitioners Board:
The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.