Introduction from our Chair
On behalf of my fellow Board members and staff, I proudly present the 2022–23 Corporate Plan of the Tax Practitioners Board (TPB). This plan outlines the key activities, measures of performance, regulatory priorities and planned outcomes that we will pursue for 2022–23 and beyond as we protect consumers of tax practitioner services and ensure that the community has trust and confidence in the tax profession and the integrity of the tax system.
Government priorities and our 2021–24 Strategic Plan will drive our organisation’s development in the coming years, including a focus on law reform, technological improvements and the refinement of our regulatory functions. Our planned improvements will provide a strong foundation to progress to 2024 and beyond, while we closely scrutinise tax practitioners who fail to meet the high standards required of technical ability and ethical conduct. We will continue to work closely with government, building on our strong work in 2021–22, to ensure that we support government priorities, especially as the profession responds to pressure from COVID-19 and natural emergencies.
To harness the opportunities of the future, our team continues to evolve. We have commissioned a workforce review and we are in the process of reshaping our structure to prepare for future changes, including those flagged by the 2019 review of the TPB (James Review), and the changing needs of the tax profession. This will make us more efficient and more capable. Our effectiveness will also be enhanced by the modernisation of our enabling legislation and policy framework.
We will continue to work closely with fellow regulators, using data-driven strategies to target our combined efforts. We will also help to strengthen the professional standards of the tax profession by providing practical and useful guidance on best practice tax practitioner services, thereby raising the already high standards of the tax profession.
We will continue to work closely with the Australian Taxation Office (ATO) to deliver a workforce of tax professionals that Australians can use with confidence. A robust system of regulation enhances the services offered by the tax profession and ensures that there is community confidence in the integrity of the tax system. This is good for the profession, government and consumers: everyone wins. Unfortunately, we expect that a small minority of tax practitioners will not meet the required standards of professionalism and ethics expected of them and this will require more stringent action by the TPB to remove them from the tax system. The nation can trust that we will pursue wrongdoing by tax practitioners and activity by unregistered preparers to the full extent of our resources and powers.
The decisions we make are informed by open and transparent communication with tax practitioners, the public and our regulatory partners. We will build on last year’s key achievements, such as the establishment of the Tax Practitioner Governance and Standards Forum, to further develop our regulatory program in consultation with our regulatory partners and professional associations. We are stronger together and we welcome participation and collaboration by the profession.
We will continue providing guidance so that tax practitioners have clarity and certainty about how we will exercise our powers and what is expected of them. We will do this through the information we provide on our website and through our regular webinars and monthly electronic newsletter, TPB eNews. Our webinars and TPB eNews have grown increasingly popular and valued among tax professionals and we will continue to enhance their offering and value.
We will maintain our ongoing focus on easing the regulatory burden on tax practitioners and reducing red tape, while ensuring that standards are maintained. We continue to make our client interactions easier and faster by streamlining and automating many of our registration activities. The pace of automation will accelerate in 2022–23 as we bring new technologies online, including our new customer relationship management software, Workbench.
Although responsibility for the regulation of tax (financial) advice services has now been largely transferred to the Australian Securities and Investments Commission (ASIC), we will continue to play an important role in this regulation, particularly in relation to acting against those individuals and entities who provide similar services while unregistered.
We look forward to addressing these challenges throughout the year ahead, and to building an even more effective and efficient TPB that is ready for the future. I thank the government, my Board colleagues and the staff at the TPB for their wonderful support and I look forward to continuing to work closely with the tax profession and our key stakeholders in 2022–23.
Ian Klug AM
Tax Practitioners Board
Last modified: 10 August 2022