The TPB has outlined three strategic objectives to achieve in 2020-21, including to protect consumers of tax practitioner services, enhance the integrity of the registered tax practitioner profession and implement the government’s reform program.
With the aim of meeting these objectives, the TPB said it will modify its compliance program to target high-risk tax practitioners, particularly those who have attempted to defraud government stimulus measures.
Speaking on the occasion, TPB chair Ian Klug said that in 2020-21 there will be an increased focus on these and unregistered advisers, expecting 1,000 investigations to be completed.
“On our 10th anniversary, our vision speaks powerfully to the important role we play not only in upholding the broader integrity of the tax system but also in implementing whole-of-government reform initiatives,” said Mr Klug.
“The way we achieve our purpose, as set out in this plan, includes supporting honest practitioners, who make up the large majority, through registration services, complaint resolution, investigations of alleged misconduct and, where appropriate, sanctions.”
Mr Klug opined that the Australian community generally has high levels of trust in its tax practitioners – with over 71 per cent of taxpayers choosing a tax professional.
“This year we want to improve our services for those tax practitioners who model professional and ethical conduct,” he said.
“Sanctions, such as suspensions and terminations, will be imposed after review and decision by our independent board – supporting community confidence in the integrity of the system and providing a deterrent to misconduct.”
According to Mr Klug, the TPB is continually evolving, taking insights from government reviews and has the potential to support government decisions on reforms arising from the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
He also touched on the independent review of the TPB, noting that the board is awaiting the government’s decisions on the recommendations arising from review.
“Subject to these decisions, we are confident that the TPB will continue to effectively serve the community into the future,” Mr Klug said.
