Australia: Review of regulatory frameworks for tax services and large consulting, accounting, and auditing firms
The review will begin with legislation on some of the proposals to be introduced in 2023.
The review will begin with legislation on some of the proposals to be introduced in 2023.
The federal government announced a review into the regulatory frameworks for tax services firms, as well as for large consulting, accounting and auditing firms.
The review will begin shortly, with legislation on some of the proposals to be introduced in 2023.
The review seeks to deliver options to the government progressively over the next two years, with planned consultations on the following:
- Implementation of remaining recommendations from the independent review of the Tax Practitioners Board (TPB)
- Treasury review of the promoter penalty laws
- Treasury review of emerging fraud and threats in the tax system
- Treasury and Attorney‑General’s Department joint review of the use of legal professional privilege in Commonwealth investigations
- Treasury examination of the regulation of consulting, accounting, and auditing firms to consider whether reforms are needed
- Treasury review of the compulsory information gathering powers of the Australian Tax Office (ATO)
- Treasury review of the secrecy provisions that apply to the ATO and TPB
- Department of Finance review into the use of confidentiality arrangements across all government
- Department of Finance review to explore options to increase the transparency and visibility of where Commonwealth contracts have been terminated for material breach
More information can be found on the Treasurer’s website.
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