THE Tax Practitioners Board (TPB) today welcomed the release of a discussion paper in the review of the TPB and the Tax Agent Services Act 2009 (TASA). This discussion paper follows initial submissions on the terms of reference issued in April 2019.
The review, led by the independent review head, Keith James, looks to assess the effectiveness of the TPB and TASA in regulating tax practitioners.
The newly released discussion paper outlines the preliminary views of Mr James on key matters, including the TPB’s governance arrangements, the registration and education requirements, the TPB’s compliance and sanction powers, and the regulation of tax (financial) advisers.
TPB CEO, Michael O’Neill said the board has worked closely with the reviewer, Mr James, to provide all the information needed to support the review.
"The TPB embraces the opportunities presented by this review," Mr O'Neill said. "The discussion paper outlines our preliminary views on certain matters and these have been provided to assist in informing the discussion paper and consultation process.
"From the review, we hope to see law reform that strengthens our role to support and protect the public, including consumers of tax services, to ensure tax advisers act lawfully and ethically, and enhance community confidence in the integrity of the tax system."
All parties with an interest in the review are urged to make a submission on the discussion paper, found at Treasury’s website www.treasury.gov.au/review/tax-practitioners-board
Submissions close on 30 August 2019.
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. Follow TPB on Twitter @TPB_gov_au, Facebook and LinkedIn.