On 29 October 2014, the Tax Practitioners Board Annual Report 2013-14 was tabled in Parliament.
In a message from the Chair, the Chair of the TPB, Ian Taylor, said as follows:
"This year’s report describes how we carried out our registrations function and provided guidance to registered tax practitioners to assist them to understand and meet their obligations.
The report also outlines the work we have undertaken to prepare and consult with the financial services profession for the implementation of the new tax (financial) adviser regulatory arrangements, which commenced on 1 July 2014.
Throughout 2013-14, we continued to deliver an effective regulatory framework with the aim of protecting consumers of tax agent services, for the benefit of the Australian community. Our ongoing work assures the community that registered tax practitioners meet appropriate standards of professional and ethical conduct."
In speaking about the impact of the Government's 2014-15 Budget, Mr Taylor said:
"The coming year will see a significant reduction in the TPB’s operating budget. Our 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. 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."