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Finance Investment, Taxation

TPB invites comments on draft guidance on breach reporting obligations

Tax Practitioners Board 2 mins read

To support professional standards and improved transparency, today the Tax Practitioners Board (TPB) released draft guidance on breach reporting obligations.

Breach reporting obligations applicable to registered tax practitioners from 1 July 2024, are another step in Government reforms to the tax and regulatory system, improving integrity and addressing misconduct.

Breach reporting obligations have been strengthened to support the majority of tax practitioners who voluntarily comply with their obligations. Breach reports also provide timely data and intelligence to support services and targeted regulation.

This draft guidance will assist tax practitioners with awareness, education and compliance, in reporting to the TPB or relevant professional associations.

The draft guidance consists of a draft information sheetsummary document and high-level decision tree. Together, these documents explain:

  • the additional breach reporting obligations, supported by practical case studies
  • when the obligations apply
  • what constitutes a significant breach
  • the timeframe for reporting a significant breach
  • what happens if a significant breach is not reported.

In releasing these documents, TPB Chair Peter de Cure AM acknowledged the early input from the professional associations and said ‘our guidance documents will help tax practitioners, the vast majority who do the right thing, understand the additional breach reporting requirements that are aimed at not only maintaining but strengthening the integrity of the tax profession and tax system. By raising the professional and ethical standards of tax practitioners, breach reporting will improve the provision of tax practitioner services, enhance consumer protection, and increase community confidence in the integrity of the system that regulates those services and the tax industry.’ 

Mr de Cure went on to say ‘We aim to take a pragmatic and risk-based approach to implementing the additional breach reporting obligations. We welcome feedback on our draft guidance to help shape our final position to ensure the guidance is practical and useful for tax practitioners in helping them understand and meet their obligations.’ 

Comments invited

The draft guidance is open for consultation until 28 May 2024. Submissions for each can be sent by email to tpbsubmissions@tpb.gov.au or by mail to Tax Practitioners Board, GPO Box 1620, Sydney NSW 2001.

The TPB will consider all submissions received before finalising its position.

 

About the Tax Practitioners Board

The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on TwitterLinkedIn and Facebook.

Tuesday, 30 April 2024

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