The Tax Practitioners Board (TPB) Chair, Peter de Cure AM, today released the 2023-24 Annual Report, highlighting increased engagement with tax practitioners and taxpayers, combined with a focus on high-risk practitioners.
In his review of the year, Mr de Cure observed that the past 12 months have seen welcome reforms that strengthened integrity in the profession and enhanced the efficiency and effectiveness of the TPB's operations.
Mr de Cure thanked tax practitioners, emphasising that the majority of the 63,000 tax practitioners continue to act both ethically and lawfully and seek to do the right thing.
Pointing to the TPB’s expanded compliance program Mr de Cure said that it represented, ‘Another vital element in maintaining the integrity of the tax system, ensuring trust and confidence in the profession and assisting in a level playing field of all tax practitioners.’
Mr de Cure also noted the development of risk-based models, with human verification, and data analytics improvements for identifying high-risk misconduct, such as that of Jessa Van Stroe, who had been operating as an unregistered preparer.
The Report also highlights steps the TPB has taken to streamline registration processes and enhance practitioner standards through improved support and guidance.
Some key highlights from the Annual Report include:
· Improving professional standards, accountability and confidence in the system, with implementation of an expanded compliance program, supported by $30.4 million in Government funding.
· Completing 483 compliance cases as part of the expanded compliance program, addressing high-risk tax practitioners and their behaviours.
· Supporting legislative reform, including supporting tax practitioners move to an annual registration cycle and publishing additional information on the TPB Register to assist consumers in making informed choices.
· Delivering 21 educational webinars to over 52,000 attendees.
· Improving investigations capability to ensure timely and effective case completion and reduce unnecessary disruptions to tax practitioners.
Looking ahead to 2024-25 Mr de Cure stated the TPB will continue to undertake targeted compliance programs to address systemic risks.
The TPB will also continue to assist the profession understand the new obligations with regards to the recent release of draft Code Determination guidance and ensure that the final guidance is both practical and supports tax practitioners.
The 2023-24 Annual Report details more achievements and evaluates the TPB’s achievements against its performance measures for the year.
Read the TPB Annual Report 2023-24.
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 X.com, LinkedIn and Facebook.
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