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TPB releases final governance guidance for recognised professional associations

TPB releases final governance guidance for recognised professional associations

Following consultation, the Tax Practitioners Board (TPB) has finalised an information sheet providing professional associations with guidance on the eligibility requirements to become, and remain, accredited by the TPB as a recognised professional association.

TPB(I) 33/2018 Recognised professional associations – Corporate governance related requirements for recognition under the Tax Agent Services Regulations 2009

The new information sheet focusses on the corporate governance, operational procedures and accountability requirements in the Tax Agent Services Regulations 2009 (TASR).

Chair of the TPB, Mr Ian Taylor, said that in finalising the guidance, the Board consulted with relevant stakeholders and considered the public submissions it received on the previously issued exposure draft of the information sheet.

He said that due to the consultation and the submissions received, some changes were made to improve clarity, but overall, the submissions were highly supportive and welcoming of the TPB’s guidance.

‘Consistent with the TASA and the TPB’s practice in providing guidance, the information sheet adopts a principles-based pragmatic approach, rather than being too prescriptive,’ Mr Taylor said.

‘We recognise that there is no set formula and that concepts of good corporate governance evolve over time as an organisation’s legislative environment and community expectations develop.’

Mr Taylor said that where an association needs to make changes to meet the TPB’s requirements, the TPB is aware that these changes may take time to implement and will take a pragmatic approach in assessing an association’s ongoing compliance with requirements in the TASR, having regard to the particular circumstances of the association.

‘We will expect associations to provide undertakings to the TPB that processes would be in place to effect any relevant changes, with the TPB kept informed in relation to progress.’

Mr Taylor said the finalised guidance reflects the TPB’s ongoing commitment to assisting existing recognised professional associations, and associations seeking recognition, to understand and demonstrate they meet their obligations in the TASR. 

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.

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Tuesday, February 27, 2018