Response to PwC – Enhancing the Tax Practitioners Board’s sanctions regime

Date: 10 December 2023 – 21 January 2024

The government has released a consultation paper to enhance the Tax Practitioners Board’s (TPB) sanctions regime as part of the government’s response to the PwC matter, announced on 6 August 2023.

This paper relates to the priority area identified for action in the government’s PwC response: Increase the powers of our regulators.

The consultation paper will:

  • enable the TPB to have the ability to impose sanctions that escalate in severity in response to more serious contraventions of the law.
  • have a greater deterrence effect on misconduct and will allow the TPB to respond to misconduct in a timely manner.

The government is seeking stakeholder feedback on proposed reforms that will provide the TPB with a stronger and more agile sanctions regime.

Further information available here.

 

Response to PwC – Tax Agent Services (Code of Professional Conduct) Determination 2023

Date: 10 December 2023 – 21 January 2024

The Tax Agent Services Act 2009 (the Act) includes a Code of Professional Conduct which imposes a range of obligations on tax agents and BAS agents that the Minister can supplement through a legislative instrument.

The draft Tax Agent Services (Code of Professional Conduct) Determination 2023 (the draft determination) contains proposed additional obligations that would supplement the obligations already in the Code of Professional Conduct.

The draft determination forms part of the government’s response to the PwC matter, announced on 6 August 2023. It relates to the priority area identified for action in the government’s PwC response: Increasing the powers of our regulators.

The draft determination aims to improve public trust and confidence in the tax profession.

The government is seeking stakeholder feedback on the exposure draft determination and explanatory material.

Further information available here.

 

Comments are closed.