Govt announces TPB review

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”.

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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.

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I’d like a review into the reason my business of two advisers, who are both 50% owners and RM’s, has to have 4 separate TPB registrations - one each one for the AFSL
and one for the CAR. We oversee all of the businesses! What a cash grab.

Some fee for no service action coming here

Signing up with the TPB has truly revolutionised Financial Planning. What is it it does again? ohh that's right, nothing.

It does significantly more than nothing. It seems you an invoice every year, and also emails telling you what they are doing for accountants and auditors. Sorry I am feeling cynical.

The government review should focus on why the TPB even exists! It serves no useful purpose, and just adds to red tape costs which are ultimately borne by consumers.

All its done is put more fees back onto us, and its a nightmare doing this annual declaration especially if you have any small differences in your name for the ID check. I spent sorry wasted 2 days on that. Its useless, if we cant access clients portals and do tax returns why do we pay for this? To be able to put one line about tax in a SOA? Its a massive rip off. Once again with other fixed fees, dealership costs, PI, software, you pay the same rate no matter if you use the services. We need to be transparent but the ones we pay are not, they don't offer scaled fees for service, its not a user pays system. Wheres our choice for levels of service?

Appointing a senior manger of the TPB to review the TPB.?????? Seems conflicted to me.

This whole thing is becoming laughable, What do you think is going to happen when you have the TPB audit the TPB? On that note can anyone share with me what I get for my money? While we are on that what do I get from the AFA, ASIC levy etc

I think you get nothing. The idea of being members came from someone not involved in giving advice, based on information gathered from the internet, researched and opinion made in time for lunch and tennis. They have likely moved on to another project.

In an SoA I mention Tax on Super, GST on products and my fees, and franking Credits. It costs me $400 plus my Dealer $400 plus 30 hours of CPD and the only thing I study is Tax on Super, GST and Franking credits. What a joke. Utterly useless cubby hole in Tax Dept. A sinecure for another cabal of Public servants. And yet another Code of Ethics. How many Codes of Ethics do we need? And do they have any affect upon ALL Tax Advisers?
Main advantage is that TPB closely watches for timely tax returns on 70,000 people and wields big stick on miscreants. And we have to pay!!!!.

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