The government has released exposure draft legislation that amends the Taxation Administration Act 1953 (TAA) and the Tax Agent Services Act 2009 (TASA) to deliver part of the government’s response to the PwC tax leaks scandal.
These amendments relate to the priority area identified for action in the government’s PwC response: Increasing the power of our regulators.
The draft legislation will:
- remove limitations in the tax secrecy laws that were a barrier to regulators acting in response to PwC’s breach of confidence, and
- enable the Australian Taxation Office and Tax Practitioners Board to refer ethical misconduct by advisers (including but not limited to confidentiality breaches) with prescribed professional associations for disciplinary action.
The government welcomes feedback from stakeholders on the draft legislation and explanatory materials.
A fact sheet accompanies these documents to outline the expected application process to be followed by professional associations who wish to be prescribed under the proposed new law.