Joint Submission – Enhancing the Tax Practitioners Board’s sanctions regime: Consultation Paper

The Australian Bookkeepers Association, Chartered Accountants Australia and New Zealand, CPA Australia, the Financial Advice Association of Australia, the Institute of Public Accountants, the Institute of Certified Bookkeepers, the National Tax & Accountants’ Association, the SMSF Association, and The Tax Institute (the Joint Bodies) welcome the opportunity to provide feedback to the Treasury on the Consultation paper, Enhancing the Tax Practitioners Board’s sanctions regime (the Consultation Paper), released on 10 December 2023.

The Joint Bodies support the proposition that the Tax Practitioners Board (TPB) should have a robust sanctions regime to deter misconduct and impose appropriate penalties proportionate to the level of wrongdoing. It is important for the tax profession to be held to the highest standard, a standard to which the vast majority of the profession already adheres. This will ensure that the community has confidence in the operation and administration of our taxation and superannuation system.