Australia’s Assistant Treasurer, Nick Sherry, has launched the national Tax Practitioners Board (TPB), announcing its membership and holding an inaugural meeting with the full Board.
"A new, streamlined and national system overseeing all tax agents’ services is now a major step closer with the beginning of work of the national TPB," he announced, continuing:
"The tax agents' services regime is a major piece of red-tape reducing national reform – it will see one, clear, straight-forward national regime put in place for the first time."
The TPB will replace six existing state-based Tax Agents' Boards, and will regulate the provision of tax agent services, including Business Activity Statement agent services, across Australia, from 2010.
The chair of the TPB will be Dale Boucher, the former Chief Executive Officer of the Australian Government Solicitor's Office. He has been appointed full-time to the post, while all other members are appointed in part-time capacities. All appointments will be for renewable three year terms.
The remainder of the board have a broad range of experience and qualifications – representing all corners of the tax and BAS (Business Activity Statement) agent community, including current tax practitioners, representatives of the book-keeping industry and members of existing state-based boards. In addition, the TPB has been further enhanced by the inclusion of tax academics and legal professionals with extensive experience in management and in administrative law.
The launch of the TPB comes after an extensive period of public consultation on the new tax agent services regime, including the release of the final Tax Agent Services Regulations.
The TPB will perform a variety of statutory functions, including: administering the system for the registration of tax agents and BAS agents; determining applications for registration; investigating conduct that may breach the Tax Agent Services Act 2009, including non-compliance with the Code of Professional Conduct and breaches of the civil penalty provisions; imposing administrative sanctions for non-compliance with the Code of Professional Conduct; and issuing guidelines on relevant matters.
"After 66 years of the current system, a new regime is long overdue," observed the Assistant Treasurer.
"With this new system, consumers can be sure tax agent services meet the appropriate professional and ethical standards."
“As part of the new regime, tax and BAS agent customers will, for the first time, be protected by landmark safe-harbour provisions," he added.
"This means a taxpayer will not be hit with a penalty for lodging late or misleading returns caused by the negligence of the tax agent – eliminating the need to take the agent to court for compensation."
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