Implementation of the Government's response to the Review of the Tax Practitioners Board

In November 2020 the former Government released its response to the final report of the independent review into the effectiveness of the Tax Practitioners Board (TPB) and Tax Agent Services Act 2009 (TASA).

The Government is seeking stakeholders’ views on the exposure draft legislation and accompanying explanatory material on the following recommendations of the independent review:

• Recommendation 2.1 – amend the object clause of the TASA to make it more contemporary and better aligned with the TPB’s role and responsibilities.
• Recommendation 3.1 – enhance the TPB’s financial independence by establishing a Special Account.
• Recommendation 4.6 – amending the TASA to strengthen the disclosure requirements to require tax practitioners to not employ or use disqualified entities in the provision of tax agent services without approval from the TPB.
• Recommendation 4.7 – converting the 3-year registration cycle to annual registration to align with the TPB’s administrative annual declaration process.
• Recommendation 5.1 – amending the TASA to give the relevant Minister the power to supplement the TASA’s Code of Professional Conduct (the Code) to address emerging or existing behaviours and practices.

The proposed amendments to the TASA will enhance community confidence, increase the independence and effectiveness of the TPB, and support high standards in the tax profession whilst streamlining the regulation of tax practitioners.