Financial advisers are set to pay more for their Tax Practitioner Board registrations under a government plan to increase the board’s funding.
The government promised to provide $20.1 million to the TPB over the next four years “to assist the TPB in meeting its broadened responsibilities to ensure that tax agent services are provided to the public in accordance with appropriate professional and ethical standards”, according to budget documents.
“This measure will be funded by an increase in tax practitioner registration fees,” the documents said.
TPB chair Ian Taylor welcomed the funding increase.
“The additional funding will ensure that the TPB is able to continue to meet its legislative responsibilities and protect consumers of tax services by registering and regulating nearly 80,000 tax agents, business activity statement agents and tax financial advisers in Australia,” he said in a statement.
The increase in fees remains subject to change, and can take effect from 1 July 2018 onwards.
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