THE Tax Practitioners Board (TPB) today launched its Corporate Plan for 2021-22, outlining its strategic objectives, goals and focus areas for the year.

To fulfil its purpose of ensuring tax practitioner services are provided to the public in accordance with appropriate ethical and professional conduct, and to prepare for the future, the TPB has set out three strategic objectives for the year: 1. Efficient registration of tax practitioners; 2. Effective compliance through education, deterrence and sanctions; and 3. Innovation and preparation for the future.

The TPB’s goals and objectives for the year have been influenced by the Federal Government’s response to the Review of the Tax Practitioners Board.

In his introductory message, the TPB chair Ian Klug AM said, "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.

"The TPB will continue 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 in addition to its own improvements, the TPB would work with fellow regulators using data-driven strategies to target high risk tax practitioners.

"This will improve the professional standards of the tax profession by investigating, sanctioning and terminating the registration of targeted high-risk tax practitioners who drive tax avoidance and evasion, create a reputational risk for the tax practitioner profession, and reduce community confidence in the integrity of the tax system," he said.

Mr Klug also said the TPB would continue to support the government’s broader financial services reforms as they implement improvements to reduce red tape and establish a single disciplinary body for the regulation of financial advisers.

The TPB Corporate Plan 2021-22 is available on the TPB website.

www.tpb.gov.au

About the Tax Practitioners Board

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Twitter @TPB_gov_au, Facebook and LinkedIn.

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PEAK INDUSTRY body, the Accommodation Association, today welcomed the Victorian Government Commercial Tenancy Relief Scheme (CTRS), and encouraged all States and Territories to provide similar support.

With hotels across Victoria continuing to mitigate the impact of successive lockdowns on both their business operations and staff, the measures provide some hope in the face of flatlining consumer confidence.

Announced by Small Business Minister Jaala Pulford and passed last night, the Commercial Tenancy Relief Act 2021 includes some key changes from the previous scheme which take into account the absence of Jobkeeper, and will provide support to small businesses with a turnover under $50 million that have suffered a decline of at least 30 percent in turnover.
 
The Scheme will run until January 15, 2022, and will apply retrospectively from July 28, 2021.
 
The Victorian Small Business Commission will receive funding to cover mediation costs between tenants and landlords from reintroducing the CTRS Scheme, which can be accessed for free by both parties.
 
“This new CTRS legislation can’t come soon enough for our struggling Melbourne hotel operators , which can’t begin to fully recover until the Sydney lockdown ends and no one knows when that will be yet," Accommodation Association CEO Dean Long said.

“We sincerely thank the Victorian Government and Minister Pulford for recognising the need to support businesses hanging on by a thread. Right now I know there are hotels and staff in Melbourne reliant on international and corporate travel out of Sydney that are effectively operating blindfolded, with no clear pathway forward.

“That’s why it’s critical the CTRS runs into 2022, as it recognises the need to support businesses impacted by lockdowns into next year. Snap lockdowns do not include a snap recovery, it will takes month for hotels to rebuild.

“While this legislation is a step in the right direction for our sector that needs to be mirrored across Australia, our hotels still desperately need a support measure which safeguards our staff and the businesses that employ them," Mr Long said.
 
"When borders reopen the accommodation sector will provide a key pillar our national tourism sector can use to rebuild, but governments must recognise our industry needs help to ensure we keep our staff engaged until then.”

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THE Joint Committee of Public Accounts and Audit (JCPAA) has commenced an inquiry into the use of alternative financing mechanisms in government expenditure, such as equity investments, loans and guarantees.

Committee Chair Lucy Wicks MP noted that the inquiry would focus on reporting in the Budget papers on programs funded through alternative approaches; reasons for programs being funded through alternative approaches; and the costs associated with different policies.

“The committee will have particular regard to the issues raised in Parliamentary Budget Office Report No. 01/2020, Alternative Financing of Government Policies,” Ms Wicks said.

The committee invites submissions to the inquiry that address the terms of reference. Public hearings will be held in the coming months.

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THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has commenced its review into the operation, effectiveness and implications of the Foreign Influence Transparency Scheme Act 2018.

The Foreign Influence Transparency Scheme was introduced in 2018 with the purpose of bringing transparency to activities undertaken on behalf of foreign principals, particularly where those activities are intended to influence Australian political and governmental systems and processes. The Scheme also imposes obligations on former politicians and senior officials, and criminal penalties apply to those who fail to comply with the requirements of the Scheme.

The Committee requests submissions to the inquiry by Monday, November 29, 2021.

Prospective submitters are being advised that any submission to the committee’s inquiry must be prepared solely for the inquiry and should not be published prior to being accepted by the committee.

Further information about making a submission to a committee inquiry can be found at this link.

Further information on the inquiry can be obtained from the committee’s website.

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