The Tax Practitioners Board (TPB) has signed a memorandum of understanding (MOU) with CPA Australia, which will improve compliance monitoring of registered tax agents.
The MOU, intended to encourage collaboration between the two organisations and promote the integrity of the tax profession, is the first between the TPB and a recognised tax agent association.
TPB chair Ian Klug said: “We are pleased that CPA Australia has joined us in signing the third MOU between a recognised professional association and the TPB.
“These agreements are already proving most effective in promoting information exchange for the mutual benefit of both parties.”
Klug noted increased collaboration between the TPB and recognised professional associations would improve the board’s ability to track and monitor compliance with the Tax Agent Services Act 2009, including the Code of Professional Conduct.
CPA Australia chair Merran Kelsall said: “This agreement facilitates proactive and timely information sharing on matters which may impact the activities and reputation of the accounting profession.
“By working cooperatively with the TPB, we are helping to enhance consumer protection and uphold the integrity of the profession.”
Kelsall pointed out the new agreement was the first of many information-sharing agreements CPA Australia intended to sign this year with regulators and standard-setting bodies in Australia and internationally.
In June, the board signed its first MOU facilitating an information exchange regarding matters of mutual interest between the TPB and Financial Planning Association.
It signed a similar agreement with the Australian Bookkeepers Association in August.
In July, ATO SMSF auditor portfolio director Kellie Grant welcomed the TPB’s action against tax agents found to have engaged in SMSF auditor number misuse.