On 6 August 2023 the government announced a set of reforms targeting 3 key areas:

1. Enhancing the integrity of the tax system.

2. Expanding the powers of our regulators.

3. Strengthening regulatory arrangements to ensure they are fit for purpose.

On Wednesday, September 20, the government released draft legislation to address these reforms.

These initiatives encompass a number of key areas of focus for the Tax Practitioners Board (TPB), which include:

• Improved information sharing with Treasury.

• Enhanced collaboration with professional associations.

• Introduction of new whistleblower protections.

• Strengthened investigative framework.

• Modifications to the information displayed on the public register.

There are also proposed changes to address shortcomings in the promoter penalty laws. 

The TPB welcomes the government's commitment to further refining the TPB's regulatory framework to ensure it is appropriately equipped to tackle instances of tax practitioner misconduct.

We strongly encourage all tax practitioners to actively participate in shaping these vital reforms by visiting the Treasury's website and sharing their input. Consultation ends 4 October 2023.