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”.
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.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
