The Tax Practitioners Board (TPB) is inviting submissions on a draft information sheet that provides recognised professional associations with further guidance on corporate governance, operational procedures and accountability requirements in the Tax Agent Services Regulation 2009 (TASR).
TPB chair, Ian Taylor, said the draft information sheet set out best practice for associations to ensure their structures met requirements for recognition under TASR. It was created to clarify legislative obligations for recognition for associations, which he said adopted “a principles-based and pragmatic approach rather than being too prescriptive”.
“It is recognised that there is no one-set formula that concepts of good corporate governance are contemporary in nature and will necessarily evolve over time as an organisation’s legislative environment and community expectations develop,” Taylor said.
“While corporate governance, operational procedures and accountability are just some of the requirements that professional associations need to meet for recognition, we have expanded our guidance on these requirements as corporate governance models differ depending on the nature, size, and structure of operations.”
Taylor said the TPB understood associations would require time to implement changes and would bear this in mind when assessing an association’s ongoing compliance requirements with TASR.
But he said associations would have to demonstrate they were implementing changes, while informing the TPB of their progress.
The closing date for submissions is Friday 17 November, and the TPB may carry out further consultation before finalising the information sheet exposure draft.