Tax Practitioners Board Annual Report 2017-18 released
The Tax Practitioners Board (TPB) 2017-18 annual report released today, revealed the registered tax practitioner population and public search for registered tax agents is on the rise.
Chair of the TPB, Mr Ian Taylor, said the TPB has come a long way in eight years, with the registered tax practitioner population having more than tripled to 77,749 since the national body formed in 2010.
‘Last year we processed more than 14,000 registration and renewal applications for tax (financial) advisers. With this rapid increase, we’ve taken the initiative to improve the online experience to submit applications,’ said Mr Taylor.
In 2017-18, there were more than 1.7 million public searches made on the TPB register, to confirm tax practitioner registration details.
‘This increase highlights the public’s increasing awareness of the importance of engaging with a registered tax practitioner. The TPB undertook a major functionality upgrade this year to provide an enhanced user experience for practitioners and consumers.’
Mr Taylor said the TPB is also responsible for protecting consumers by ensuring tax practitioners meet the registration and renewal requirements.
‘The annual report released today confirms the TPB’s firm action against non-compliance with the Tax Agent Services Act 2009, Code of Professional Conduct and breaches of the civil penalty provisions.
‘By the end of the year this resulted in 287 administrative sanctions including 81 orders, 182 written cautions and 24 terminations compared to 17 the previous year,’ he said.
‘Where the TPB suspects non-compliance, we may refer matters to the Federal Court. Last year the Administrative Appeals Tribunal and the Federal Court affirmed seven TPB decisions on matters related to practitioner compliance with the Code of Professional Conduct and the Fit and Proper requirements.
‘Looking to the future, the TPB and the tax profession face challenges with a rapidly changing tax environment, new technology, and risks associated with the black economy and the overclaiming of work-related expenses.
‘The TPB is prepared to meet these challenges with dedicated investigations teams, sharing intelligence with other agencies, and proactive compliance strategies.’
Read the TPB Annual Report 2017-18.
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.