Today, the Albanese Government has released a consultation paper reviewing the Tax Practitioners Board (TPB) registration requirements for tax practitioners. The paper focuses on the education, qualification and experience requirements for new entrants and existing practitioners.
The proposals reflect the Government's commitment to strengthen our regulatory arrangements in response to the PwC matter.
The consultation paper explores improvements for registration pathways, including:
- strengthening company and partnership registration eligibility requirements
- reviewing the professional association 'recognition' and registration pathways
- broadening the TPB's ability to accept alternative forms of 'relevant experience'.
It also seeks feedback on:
- whether the Tax Agent Services Regulations 2022 (TASR) and/or Tax Agent Services Act 2009 (TASA) should be amended to give the TPB greater flexibility to accept other qualifications outside the traditional tax practitioner course of study
- whether the current formulation of the 'fit and proper person' test within the TASA adequately protects consumers, without imposing a disproportionate barrier to entry
- other proposals to modernise the registration framework and/or address potential challenges.
This is the fourth of eight Treasury‑led reviews announced by the government in its PwC response. It follows the Government's latest reforms passed by Parliament in the Treasury Laws Amendment (Fairness and Accountability) Bill 2023 and $30 million in the October 2022-23 Budget for the TPB to step up compliance activities in relation to high risk practitioners.
Interested stakeholders are encouraged to provide their feedback by 7 August 2024.
