The Tax Practitioners Board (TPB) has broken new ground by entering into a first of its kind agreement with the Financial Planning Association (FPA) via a memorandum of understanding.
The arrangement, confirmed by the TPb chairman, Ian Klub, will “facilitate information exchange about matters of mutual interest including compliance with the Tax Agent Services Act 2009 (TASA) and the Code of Professional Conduct”.
According to Klug the arrangement entails a “clear and practical framework for engagement, cooperation and proactive information-sharing between the two organisations”.
“This is our first finalised MOU with a recognised professional association, but we expect more to come as we continue to work closely with other associations to develop similar agreements,’ he said.
‘The purpose of this agreement and the others that will follow, is to make it clear that both organisations are committed to working collaboratively for the betterment of the tax profession.”
“It also highlights what information we can legally share about registered tax practitioners who are members of the respective association,” Klug said, pointing out that the MOU allowed for the exchange of information on issues including misconduct by registered tax practitioners, intelligence, operational matters and de-identified data trends, and continuing professional education opportunities.
FPA chief executive, Dante De Gori said his organisation was honoured to be the first professional association to enter into an MOU with the TPB.
‘The FPA has built a strong and close working relationship with the TPB over the past eight years as tax (financial) advisers have integrated into the TPB and we have seen the benefits of a regulator whose primary focus is on the relationship between a professional and their client,” he said.