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The Tax Practitioners Board will see a budget cut in the order of millions in the coming year, which could substantially impact operations, according to its annual report.
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TPB flags further ‘significant’ budget cuts
04 November 2014
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The 2014/2015 year will see a “significant reduction” in the TPB’s operating budget, according to its annual report which was tabled in parliament last week.
The TPB’s new allocation is $14.319 million, a reduction of $2.677 million from the previous year.
“These new budget pressures have the potential to significantly impact on TPB operations, particularly with the anticipated increased workload to regulate tax (financial) advisers,” the report stated.
“Our leadership team regularly reviews priorities and looks strategically at ways to reduce staffing and supplier costs to ensure the TPB operates within its allocated budget.”
The TPB noted it has been asked to cut compliance costs in line with the government’s $1 billion red- and green-tape reduction target.
"We look forward to actively contributing to reducing the regulatory burden on business and the community," the TPB stated.
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