The Tax Practitioners Board (TPB) today released two exposure drafts for consultation on its continuing professional education (CPE) policy requirements. 

The TPB undertook a review of its CPE policy requirements and released a public discussion paper on 19 February 2020. The TPB considered the comments and submissions received and has released the above drafts for further consultation. 

One of the key changes, supported by the initial feedback, is the increase in the minimum number of CPE hours to 120 hours over three years for all registered tax practitioners. 

The TPB Chair, Mr Ian Klug AM said, ‘Most tax practitioners provide excellent service to their clients. CPE is critical to maintaining skills and competence. The TPB recognises the increasingly complex environment that businesses operate in and constant changes to taxation laws. The scope of services provided by tax practitioners has also expanded over time.’ 

‘The proposed CPE standard of 120 hours over three years equates to less than an hour per week. This proposal also aligns with the standard of some other professions and matches the requirements of some professional associations. Ongoing education enhances the integrity of the tax profession, better supports client needs, and builds community confidence in the tax system. We welcome feedback from practitioners, their associations and any other interested parties that can assist the TPB in setting the right CPE standards.’

Other proposed changes that provide for greater flexibility include the ability for tax practitioners to elect either a calendar or financial year basis for their three-year CPE period and to include an amount of educative health and wellbeing activities to count towards their CPE. 

This consultation process will help shape the future direction of CPE requirements for tax practitioners. The TPB will consider all feedback received before finalising its position and provide appropriate transitional arrangements to help tax practitioners to comply when changes are implemented.

The consultation is open until 11 March 2021. Written submissions can be sent via email to tpbsubmissions@tpb.gov.au or by mail to:

Tax Practitioners Board
GPO Box 1620
SYDNEY NSW 2001

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter @TPB_gov_au, Facebook and LinkedIn