Implementation of the Government’s response to the Review of the Tax Practitioners Board

Closing date: 11 December 2022

In November 2020 the former Government released its response to the final report of the independent review into the effectiveness of the Tax Practitioners Board (TPB) and Tax Agent Services Act 2009 (TASA).

The Government is seeking stakeholders’ views on the exposure draft legislation and accompanying explanatory material on the following recommendations of the independent review:

  • Recommendation 2.1 – amend the object clause of the TASA to make it more contemporary and better aligned with the TPB’s role and responsibilities.
  • Recommendation 3.1 – enhance the TPB’s financial independence by establishing a Special Account.
  • Recommendation 4.6 – amending the TASA to strengthen the disclosure requirements to require tax practitioners to not employ or use disqualified entities in the provision of tax agent services without approval from the TPB.
  • Recommendation 4.7 – converting the 3-year registration cycle to annual registration to align with the TPB’s administrative annual declaration process.
  • Recommendation 5.1 – amending the TASA to give the relevant Minister the power to supplement the TASA’s Code of Professional Conduct (the Code) to address emerging or existing behaviours and practices.

The proposed amendments to the TASA will enhance community confidence, increase the independence and effectiveness of the TPB, and support high standards in the tax profession whilst streamlining the regulation of tax practitioners.

Further information available here.

Tax treaty network expansion

Closing date: 23 December 2022

Treasury is seeking submissions from stakeholders to support the expansion of Australia’s tax treaties network.

The Government is entering into new tax treaty negotiations as part of its expansion of Australia’s tax treaty network. Negotiations are planned with Bulgaria, Colombia, Croatia, Cyprus, Estonia, Latvia and Lithuania, as announced in the Assistant Minister’s media release. These countries add to the current program which includes Portugal, Slovenia, Greece and Luxembourg.

Submissions are sought on the key outcomes Australia should seek in negotiating these tax treaties and any other issues related to Australia’s tax treaty network.

Details of Australia’s existing tax treaties are available on the Treasury website.

Further information available here.

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