TPB’s corporate plan sets goals for the year ahead

The Tax Practitioners Board (TPB) has released its corporate plan for 2021-22, outlining three primary goals for the months ahead:

• Efficient registration of tax practitioners;
• Effective compliance through education, deterrence and sanctions; and
• Innovation and preparation for the future.

TPB chair Ian Klug noted that the objectives for the year were largely influenced by the government’s response to the recent independent report on the body, the James review, which was made public in November 2020.

“The review’s recommendations and the government’s response will result in a more effective and independent TPB, which will, in turn, enhance community confidence in our work and the tax profession,” Mr Klug said in his introduction to the corporate plan.

“One of the outcomes of the review is a significant addition to our core objectives. The TPB will continue to work to maintain and uphold the integrity of the tax system more broadly. This role will be enhanced by the modernisation of our enabling legislation and better alignment of our purpose and objectives with our current role, responsibilities and expectations,” Mr Klug said.

According to Mr Klug, TPB will work with fellow regulators this year to use data-driven strategies to target high risk tax practitioners.

The body intends these partnerships to strengthen its ability to investigate, sanction and terminate the registration of targeted high-risk tax practitioners who drive tax avoidance and evasion.

“Our new agreements with fellow regulators and industry representatives will support our effectiveness. This will form the basis of our 2024 Vision,” Mr Klug said.

During a year that will bring further reforms to the Australian finance sector, Mr Klug said TPB would also work alongside the government as it implemented improvements to reduce red tape and establish a single disciplinary body for the regulation of financial advisers.