The Morrison Government has today announced a Review into the effectiveness of the Tax Practitioners Board, and the operation of the Tax Agent Services Act 2009 and the Tax Agent Services Regulations 2009, which establish the regulatory regime for tax practitioners in Australia.
The Review will consider whether the legislative and governance framework for the Tax Practitioners Board 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. 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.
I am pleased to announce Mr Keith James has been appointed to chair the Review and will be assisted by the Department of the Treasury.
Mr James has decades of legal and tax experience including as a registered tax agent, in leading firms. He was appointed to the Board of Taxation in March 2004 and as its Deputy Chair in 2011. Mr James’ involvement with the tax profession includes his roles as Chair of the Taxation Centre of Excellence and the National Tax Advisory Committee for CPA Australia.
Mr Ian Klug, the Chair of the Tax Practitioners Board, looks forward to working with the Review to achieve better outcomes for the Tax Practitioners Board. The terms of reference for the Review are available on the Treasury website.
Submissions in response to the terms of reference are due by April 12 and can be emailed to TPBreview@treasury.gov.au.
The Review will report to Government by October 31.