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.
Another straw to break the camels back!
Ahh the good old TPB – Talk about fee for no service!
so, we were pushed into this by the FPA/AFA/? as a trade off with accountants not being able to give advice. We now pay more fees for effectively no change in our business. THese fees are going to be passed on to clients in part or whole on top of the additional cost of doing business that will be the fall out from the RC…. more compliance and no doubt higher PI premiums. ASIC allowed certain practices to occur and has still not looked at industry funds yet… the small guys funding everyone. User pays model for a watchdog that cannot even produce a decent SOA as a guide. WHere does out money go, I wonder?
Fees only go one way in a monopoly.
Taxes down… levies up.
Wow, another reason to lift adviser fees. The major players are being shown as the reason for BIG ASIC and other fees and yet we are going to share the burden. The fines etc that the big boys are paying out is petty cash to them. Time to hit the big culprits in the pocket make them accountable for their errors- not the ones doing the right thing.