Submission on the Review of Eligibility Requirements for Registration with the Tax Practitioners Board (TPB)

On Wednesday 7 August 2024 , the Institute of Financial Professionals Australia (IFPA) submitted a formal response to Treasury's Consultation Paper on the Review of Eligibility Requirements for Registration with the Tax Practitioners Board (TPB). We have expressed to Treasury…

On Wednesday 7 August 2024, the Institute of Financial Professionals Australia (IFPA) submitted a formal response to Treasury's Consultation Paper on the Review of Eligibility Requirements for Registration with the Tax Practitioners Board (TPB). We have expressed to Treasury that this submission should be considered an initial step, and we have strongly recommended the establishment of in-depth workshops to further refine and develop the proposed changes.

In our submission, we have underscored the importance of a balanced approach to regulation within our industry. We have cautioned against the potential for over-regulation, which could result in substantial compliance costs without delivering equivalent benefits to the public. It is crucial that any changes to the registration requirements are implemented with careful consideration of the long-term impacts on both practitioners and their clients. IFPA remains committed to advocating for practical, well-considered regulatory measures that support the ongoing professionalism and integrity of our sector.