The new agreement with CPA Australia is the first memorandum of understanding (MOU) signed with a tax agent association, with the TPB having previously signed similar MOUs with the Australian Bookkeepers Association and the Financial Planning Association of Australia.
The MOU will set out a clear and practical framework for both organisations to mutually engage and proactively share information, including intelligence, operational matters and de-identified data trends.
TPB chair Ian Klug said the MOU would also help the regulator ensure agents were complying with the Tax Agent Services Act and the Code of Professional Conduct.
“We are pleased that CPA Australia has joined us in signing the third MOU between a recognised professional association and the TPB,” Mr Klug said.
“These agreements are already proving most effective in promoting information exchange for the mutual benefit of both parties.
“They are also ensuring we are better able to track and monitor compliance with the Tax Agent Services Act 2009 including the Code of Professional Conduct.”
Newly appointed CPA Australia chair Merran Kelsall welcomed the MOU and said it would be the first of a number of new agreements the professional body would be signing this year.
“This agreement facilitates proactive and timely information sharing on matters which may impact the activities and reputation of the accounting profession,” Ms Kelsall said.
“By working co-operatively with the TPB, we are helping to enhance consumer protection and uphold the integrity of the profession.
“CPA Australia has also agreed to sign MOUs with the Australian Restructuring Insolvency and Turnaround Association, and New Zealand’s Financial Markets Authority.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.