THE Tax Practitioners Board (TPB) today released two exposure drafts for consultation on its continuing professional education (CPE) policy requirements.

The TPB undertook a review of its CPE policy requirements and released a public discussion paper on February 19, 2020. The TPB considered the comments and submissions received and has released the drafts for further consultation.

One of the key changes, supported by the initial feedback, is the increase in the minimum number of CPE hours to 120 hours over three years for all registered tax practitioners.

The TPB chair, Ian Klug AM said, "Most tax practitioners provide excellent service to their clients. CPE is critical to maintaining skills and competence. The TPB recognises the increasingly complex environment that businesses operate in and constant changes to taxation laws. The scope of services provided by tax practitioners has also expanded over time.

"The proposed CPE standard of 120 hours over three years equates to less than an hour per week. This proposal also aligns with the standard of some other professions and matches the requirements of some professional associations.

"Ongoing education enhances the integrity of the tax profession, better supports client needs, and builds community confidence in the tax system. We welcome feedback from practitioners, their associations and any other interested parties that can assist the TPB in setting the right CPE standards."

Other proposed changes that provide for greater flexibility include the ability for tax practitioners to elect either a calendar or financial year basis for their three-year CPE period and to include an amount of educative health and wellbeing activities to count towards their CPE.

Mr Klug said this consultation process would help shape the future direction of CPE requirements for tax practitioners. The TPB will consider all feedback received before finalising its position and provide appropriate transitional arrangements to help tax practitioners to comply when changes are implemented.

The consultation is open until March 11, 2021. Written submissions can be sent via email to This email address is being protected from spambots. You need JavaScript enabled to view it. or by mail to:

Tax Practitioners Board
GPO Box 1620
SYDNEY NSW 2001

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MULTINATIONAL construction giant CIMIC Group must hand back the $20 million it took in JobKeeper in light of revelations the company made $620 million in profits and delivered more than $468 million to investors through share buybacks and dividends, alleged the CFMEU.

"JobKeeper was designed to keep Australian workers employed through the pandemic, not to underwrite multinational company profits and deliver huge returns to investors," said Dave Noonan CFMEU national construction secretary.

"CIMIC needs to do the right thing and repay the subsidy it took through JobKeeper at the start of the pandemic," he said.

“If this massive multinational company is unwilling to pay up voluntarily Scott Morrison should use the considerable regulatory powers available to him to compel CIMIC to hand the money back.

"Australian workers could rightly feel betrayed when they see Scott Morrison trying to cut their wages through his IR Omnibus Bill while handing out millions in subsidies to highly profitable businesses.

"The Covid crisis hit many Australian workers hard. The hundreds of thousands of people who lost jobs or had their hours reduced will not simply swallow revelations that their pain helped deliver massive profits to multinational companies like CIMIC.

"Scott Morrison needs to show whether he is on the side of Australian workers or the big business lobbyists and corporate donors who too often dictate his government’s policies."

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THE Accounting Professional and Ethical Standards Board (APESB), the independent body that sets the code of ethics and professional standards for Australia's accounting professionals, marked its 15th anniversary this week.

The APESB chair, Nancy Milne OAM, said, "Over the past 15 years, the APESB has delivered world-class professional standards, including the Code of Ethics, which are key drivers in the recognised ethical standing of professional accountants.

"Importantly, there is a renewed focus and increasing community expectations of professionals' ethical behaviour and conduct, which is being driven by recent events such as the Financial Services Royal Commission and the Parliamentary Joint Committee (PJC) Inquiry on Audit Regulation.”

The impact of the global COVID-19 pandemic on the general public and business community, has highlighted the critical role professional accountants and auditors play to help facilitate the continued functioning of the economy.

To build on the high levels of public trust in the accounting profession and ensure its standards represent global best practice, Ms Milne said the APESB is working towards:

• ·strengthening auditor independence requirements in relation to non-assurance services and transparency of fee arrangements;
• ·implementing changes to the requirements for quality and risk management systems of firms to redefine professional practice; and
• ·developing resources at a national and global level to guide ethical conduct.

Recently, the APESB released guidance on auditor independence (jointly with the three major professional accounting bodies), the impact of COVID-19 and whistleblowing. The Board has also actively contributed to the work program of the International Ethics Standards Board of Accountants (IESBA) as a National Standards Setter to influence the global ethical standards. 

“As we move forward into our next strategic period, the APESB looks forward to continuing its public interest mandate to set and maintain professional and ethical standards to enhance the professionalism of the Australian accounting profession,” Ms Milne said.

She said APESB appreciated the contribution of all stakeholders, especially the professional accounting bodies, regulators, standard-setters and taskforce members who have contributed to its journey over the years. To mark its 15^th anniversary, the APESB will host a thought-leadership event later in the year.

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AUSTRALIA faces a growing fuel security crisis following ExxonMobil’s announcement that it plans to close the Altona oil refinery in Melbourne, with a loss of 350 jobs, further increasing the nation’s reliance on imported fuel to keep the economy moving, according to the Maritime Union of Australia (MUA).

The closure is the second announced in five months, following BP’s decision last year to shut the Kwinana refinery in Western Australia, leaving just two domestic fuel producers.

The MUA said the news highlighted the failure of the Morrison Government’s $2.5 billion fuel security package — announced last September — with the Viva Energy plant in Geelong the only refinery to sign up.

The union warned that the replacement of domestic fuel production with a growing reliance on fuel refined overseas and transported to Australia on foreign owned and operated tankers was making the nation increasingly vulnerable to any international crisis that impacts maritime trade.

MUA assistant national secretary Jamie Newlyn said the Federal Government needed to take urgent action to retain remaining refineries, increase domestic fuel stockpiles, and boost supply chain resilience.

“It is clear the Morrison Government’s fuel security plans have failed, with half of Australia’s remaining oil refineries announcing their closure in the last five months,” Mr Newlyn said.

“Even before these refineries close, more than 90 percent of Australia’s refined fuels are coming from overseas, leaving the nation seriously exposed to any crisis that impacts on maritime supply chains.

“We need urgent action from the Federal Government, with options including the purchase of these refineries — allowing this critical infrastructure to continue to operate under public ownership — along with a massive increase in domestic fuel reserves and the development of a strategic shipping fleet.

“The Federal Government should insist that if the Altona refinery closes, ExxonMobil must create a fleet of Australian-registered tankers to carry fuel to Australia and transport it around the coast.

“If ExxonMobil committed to use just 10 Australian ships to import and distribute fuel, it would create 340 seafaring jobs.”

Mr Newlyn said Australia continued to fall well short of the International Energy Agency’s 90-day fuel stockholding obligation, meaning the nation could run out of liquid fuel within weeks if a major crisis cut supplies.

“The COVID crisis exposed the vulnerability of Australia’s supply chains,” he said.

“If a pandemic, military conflict, natural disasters, or an economic shock cuts the flow of fuel to Australia, the situation would be catastrophic, with every part of the nation grinding to a halt.

“The Morrison Government keeps tinkering at the edges, rather than taking decisive action to address fuel security.

“What is required is an urgent, massive increase to fuel storage capacity in Australia — in line with the IEA’s fuel stockholding obligation — along with the development of a strategic shipping fleet of Australian tankers that can continue bringing fuel to the country in a crisis.

“Defending Australia’s economic security requires the strengthening of supply chains, especially for essential goods like fuel.”

In a report commissioned by the MUA, ‘Australia’s Fuel Security – Running on Empty’, shipping expert John Francis recommended the retention of a minimum number of Australian owned, managed and crewed tankers, saying it was justified on national security grounds and could be achieved at a minimal cost to end users.

‘Australia’s Fuel Security – Running on Empty’ is at: https://bit.ly/31cDisq

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