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Government reforms drive TPB’s goals and focus for 2021-22

Government reforms drive TPB’s goals and focus for 2021-22

The Tax Practitioners Board (TPB) today launched its Corporate Plan for 2021-22, outlining its strategic objectives, goals and focus areas for the year. 

To fulfil its purpose of ensuring tax practitioner services are provided to the public in accordance with appropriate ethical and professional conduct, and to prepare for the future, the TPB has set out the following strategic objectives for the year:

  1. Efficient registration of tax practitioners 
  2. Effective compliance through education, deterrence and sanctions
  3. Innovation and preparation for the future.

The TPB’s goals and objectives for the year have been influenced by the Government’s response to the Review of the Tax Practitioners Board. 

In his introductory message, the TPB Chair Mr Ian Klug AM said, ‘The review’s recommendations and the government’s response will result in a more effective and independent TPB, which will, in turn, enhance community confidence in our work and the tax profession.’

Mr Klug further said, ‘The TPB will continue to maintain and uphold the integrity of the tax system more broadly. This role will be enhanced by the modernisation of our enabling legislation and better alignment of our purpose and objectives with our current role, responsibilities and expectations.’

Mr Klug added that in addition to its own improvements, the TPB would work with fellow regulators using data-driven strategies to target high risk tax practitioners.

‘This will improve the professional standards of the tax profession by investigating, sanctioning and terminating the registration of targeted high-risk tax practitioners who drive tax avoidance and evasion, create a reputational risk for the tax practitioner profession, and reduce community confidence in the integrity of the tax system.’

Mr Klug also said the TPB would continue to support the government’s broader financial services reforms as they implement improvements to reduce red tape and establish a single disciplinary body for the regulation of financial advisers.

The TPB Corporate Plan 2021-22 is available on the TPB website.

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter @TPB_gov_au, Facebook and LinkedIn

Friday, August 6, 2021