A memorandum of understanding has been established between the the Tax Practitioners Board (TPB) and the Professional Standards Councils, outlining the intent of the organisations to work together on the task of promoting the integrity of the tax profession.
TPB chair Ian Klug called the agreement significant, noting it created a pathway for the TPB and the Councils to work together now and into the future.
“We welcome the creation of the MOU as it establishes a framework for greater collaboration with the Councils. Through it we hope to achieve shared goals, minimise duplication and provide increased consumer protection for the legislative schemes that we administer,” Mr Klug said.
Chair of the Councils, John Vines OAM added that it was a great step in supporting collaboration between the Councils and TPB as they work to ensure services are delivered to consumers by competent and ethical tax professionals.
“This first MOU with the TPB fulfils the Councils’ strategic commitment to streamline regulatory efforts with peer regulators for better consumer protection outcomes,” Mr Vines said.
“The MOU reflects a partnership approach to creating opportunities to share insights and to work with professional associations in a flexible and streamlined way that enhances community confidence.”
The Professional Standards Councils, which are independent statutory bodies established in each state and territory to protect consumers of professional services across Australia, worked with the TPB on the recent formation of the Tax Practitioner Governance and Standards Forum (TPGSF).
The MOU also recognised the important role the Councils had played in the establishment of TPGSF. The TPGSF was a key recommendation of the recent review of the TPB and the Tax Agent Services Act 2009, and includes representatives from the Councils alongside members of the TPB, ATO and other professional associations.
