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The Tax Practitioners Board has secured its second memorandum of understanding with a professional body, granting the regulator with better intelligence over BAS agents.
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TPB secures data-sharing deal with BAS agent association
14 August 2020
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7 minute read
The Tax Practitioners Board has signed a memorandum of understanding (MOU) with the Australian Bookkeepers Association (ABA) — the first BAS agent association to participate in the new agreement — after the Financial Planning Association of Australia paved the way in June.
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The new agreement will now give the TPB better access to information on BAS agents who are members of the ABA, including intelligence about BAS agents’ compliance with the TPB’s code of professional conduct.
The first MOU with the Financial Planning Association of Australia had similarly agreed to exchange information on misconduct by registered tax practitioners; intelligence, operational matters and de-identified data trends; and continuing professional education opportunities.
“We are delighted that the ABA is the first recognised professional association for BAS agents to join us in signing this MOU,” said TPB chair Ian Klug.
“In developing these agreements, we are highlighting our intention to work collaboratively with tax and BAS practitioner associations to promote the integrity of the tax profession.”
Mr Klug also noted that the TPB was in the process of developing MOUs with other professional bodies, with announcements to follow in the “coming months”.
Despite the greater oversight that the MOU would provide to the regulator, ABA director Peter Thorp said the spirit in which the MOU had been agreed on would be beneficial for both parties.
“The MOU will lead to greater co-operation, better communication and more streamlined procedural dealings between the ABA and the TPB,” Mr Thorp said.
“A closer working relationship like the one envisaged in the MOU can only benefit the bookkeeping profession as a whole.”
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