The Tax Practitioners Board (TPB) welcomes the announcement today by the Minister for Housing and Assistant Treasurer, The Hon Michael Sukkar MP, which recognises the essential service of the TPB to the community, its good work in regulating the tax profession, and seeks to further enhance its independence, effectiveness, and legislative framework.
Following an independent review led by Mr Keith James, the Government will begin to implement a range of reforms to the Tax Agent Services Act 2009 (TASA) and the Tax Agent Services Regulations 2009 (TASR) and consult broadly on a range of other measures.
These reforms will even further enhance the independence of the TPB, reduce red tape for tax practitioners, give even greater community confidence, and set higher standards in the tax profession.
The TPB Chair, Mr Ian Klug AM, said, ‘I am pleased that the announcement by the Assistant Treasurer today recognises the critical role of the TPB. These welcome reforms will strengthen the TPB’s position as an effective, independent regulator and will further protect consumers of tax practitioner services by improving the integrity of the tax practitioner profession.’
Mr Klug noted, ‘These changes also support whole of government approaches, reduce red tape, and increase collaboration with the Australian Taxation Office (ATO) and other regulators.’
The reforms bring key changes to enhance the effectiveness of the TPB, including:
- Greater independence from the ATO, so the TPB has clear accountability and responsibility to the public and Government. This will provide confidence that the TPB’s disciplinary actions are imposed by an independent regulator.
- Reduction in red tape, including streamlining the regulation of tax (financial) advisers and allowing the TPB to accept different types of experience as being relevant to a practitioner’s registration.
- Ensuring education and experience requirements are set at the right level for tax practitioners to provide community confidence in the tax profession.
- Bolstering eligibility requirements to ensure that only those individuals and entities that meet high standards of ethical and professional behaviour can obtain tax practitioner registration.
- Expanding information that currently appears on the TPB’s public Register so that consumers of tax services can be even more informed and safeguarded.
Mr Klug added, ‘As certain reforms are implemented, the TPB will provide