BackThe Acting Inspector-General of Taxation and Taxation Ombudsman (IGTO), Mr Andrew McLoughlin, welcomes the Government release of the IGTO report into the Future of the Tax Profession. The review was undertaken in response to requests from a broad range of stakeholders including the Commissioner of Taxation. It examined the challenges and opportunities presented by new and emerging digital technologies, along with the accompanying social, policy and regulatory impacts on
the administration of the tax system and the tax profession.
The Australian Taxation Office (ATO) has the critical role of preparing the tax system for the future – where technological innovation is a key driver. The important services that tax practitioners and professionals provide to taxpayers within the Australian tax system must also be acknowledged.
The IGTO report observed the relationship between the ATO and tax practitioners has been tested at times and made recommendations for improvements. Recommendation was also directed at the ATO’s identification and management of emerging tax issues and cyber security risks.
The TPB has the significant role of regulating tax practitioners who provide services to the public. “Australia’s regulation of the tax profession is unique, with a comprehensive legislated regime that covers Tax Agents, Business Activity Statement Agents and Tax (Financial) Advisers as well as a range of others on a conditional basis,” Mr McLoughlin said.
The report observed that the role of the TPB may need to expand in the future to keep pace with developments in the tax profession and workforce more generally. Specifically, the flexibility of the regime, established by the Tax Agent Services Act 2009 (TASA), will likely need to deal with a wider range of professionals in future. “The Government has announced an independent review, chaired by Mr Keith James, into the TPB and its legislation and we are pleased to have assisted,” Mr McLoughlin said.
A risk for the TPB is that new technology enables more people to provide unregistered tax agent services, needing address directly or by the ATO, Australian Securities and Investments Commission and Australian Competition and Consumer Commission.
The Acting Inspector-General of Taxation and Taxation Ombudsman (IGTO), Mr Andrew McLoughlin, welcomes the Government release of the IGTO report into the Future of the Tax Profession. The review was undertaken in response to requests from a broad range of stakeholders including the Commissioner of Taxation. It examined the challenges and opportunities presented by new and emerging digital technologies, along with the accompanying social, policy and regulatory impacts on the administration of the tax system and the tax profession.
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Source: Taxation Ombudsman, Australia
