Written by Stephanie Caredes, CTA
Members will have seen that late last week the discussion paper pertaining to the Review of the Tax Practitioners Board and Tax Agent Services Regime was released for consultation. This review is highly significant for all our members who are subject to regulation by the Board. The discussion paper covers a range of issues, including:
- Independence, real and perceived, of the Board;
- Community awareness of the Board;
- Whether aspects of the registration requirements of practitioners should be changed;
- Making the Code of Professional Conduct more dynamic;
- Imposition of sanctions;
- Possible amendments to the safe harbour; and
- The relationship between the Board and professional associations such as The Tax Institute.
We are interested in members’ views on the discussion paper. It is crucial that members who are likely to be affected by any changes that will emanate from this review should have their say now. Please share your views with us via the Tax Policy inbox.
Other key issues on the Tax Policy team’s agenda include:
- The Senate inquiry into the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 - this Bill contains numerous measures including measures relating to loans to tax-exempt entities, small business CGT concessions for partnerships, limiting deductions for vacant land, circular trust distributions and disclosure of business tax debts to credit reporting bureaus;
- Separately, the disclosure of business tax debts to credit reporting bureaus both contained in the Bill above and a draft legislative instrument relevant to this issue;
- Sunsetting of Private Ancillary Fund guidelines;
- Sunsetting of guidelines related to LCT, WET, and GST transition regulations;
- LCR 2019/D2 Non-concessional MIT income;
- GSTR 2019/D1 creditable purpose of acquisitions in relation to transaction accounts;
- ANAO Review of the ACNC.
The Institute is also busy originating submissions in some other areas which are aimed at improving administration in the tax system.
Members who would like to contribute to the above consultations should contact us via the Tax Policy inbox.
As always, members, we welcome your thoughts on all issues you are coming across, in particular any issues you are experiencing during Tax Time, via the Vine Feedback inbox.
Stephanie Caredes, CTA