Chartered Accountants Australia and New Zealand (CA ANZ) and CPA Australia have lodged our joint response on the Review of the Tax Practitioners Board Final Report (the Report) which provides our preliminary responses to each of the Report's recommendations and our further detailed comments. Key topics include TPB independence and role, practitioner registration pathways, educational requirements, new eligibility requirements, Code of Conduct amendment process, the role of professional associations, and TPB sanction powers.
We also highlight the potential cumulative impact of implementing many or all of the proposed changes in the Report recommendations together. If made within a short timeframe, this may likely impede the efficient operation of regulated entities and increase the risk of unintended consequences. We suggest that implementation of changes should be staggered, and that grandfathering and transitional rules will be required.
We look forward to engaging with the Treasury and the TPB during the consultation process on these important reforms during 2021 and in the years ahead.