SMSF Association Submission
The SMSF Association (SMSFA) welcomes the opportunity to make a submission on the review of the Tax Practitioners Board (TPB). As stated in our initial submission on the terms of reference, the TPB has performed admirably as the national body responsible for the registration and regulation of tax practitioners over the past nine years. However, we believe there are areas where the TPB should be adjusted to ensure it is appropriately regulating the tax profession in the current regulatory environment.
There is a need for some aspects of the TPB’s regulatory framework and operations to be improved, specifically with regard to increased resourcing, greater information sharing and less complexity and regulatory burden. The regulatory burden on tax (financial) advisers (TFAs) is of great concern to the SMSF Association.