A review of the Tax Practitioners Board (TPB) has directly canvassed whether the primary qualification for a tax agent should be increased to a degree-level qualification similar to that required of financial advisers under the Financial Adviser Standards and Ethics Authority regime.
The TPB today released a discussion paper resulting from the Government-initiated review of the TPB and the Tax Agent Services Act with one of the key consultations point being the question of the degree qualification for tax agents.
The discussion paper has also canvassed harmonising the code of conduct to be met by tax practitioners and that applying to financial advisers under the FASEA regime.
The discussion paper has also canvassed the registration of tax and BAS agents on the same basis as tax financial advisers and has thrown up seven options including the Australian Securities and Investments Commission (ASIC) being solely responsible for financial tax advisers with the TPB having no role and another option under which the TPB and ASIC would act as co-regulators.
The seven options canvassed in the discussion paper are as follows: