The Federal Government has initiated a review of the Tax Practitioners Board (TPB) which will look at both standards and professional and ethical conduct.
The review was announced by the Assistant Treasurer, Stuart Robert with the terms of reference appearing to allow it to examine the interaction with financial planning.
Item six in the terms of reference allows the review to “consider any other matters that may enhance the regulatory environment that tax practitioners operate under, including the interaction with the regulation of relevant professional activities”.
Robert said review would consider whether the legislative and governance framework for the TPB delivers on its policy objectives to ensure that tax agent services are provided to the public in accordance with appropriate standards of professional and ethical conduct and noted that there are over 77,000 practitioners registered with the Board.
“The Review will provide another opportunity for the Government to address issues concerning the black economy arising from the Black Economy Taskforce’s Final Report,” he said.
The man appointed to lead the review is a registered tax agent, deputy chair of the Board of Taxation and a senior member of CPA Australia, Keith James.
The review is expected to be completed in September.