Only 71 per cent of tax practitioners comply with their CPE requirements, according to the initial results from the TPB’s audit of 1,000 tax practitioners.
A quarter of those audited are partially compliant, in that they have exceeded the 25 per cent threshold for relevant technical or professional reading, with the remaining 4 per cent non-compliant.
“Failure to comply with our CPE requirements may lead to a formal investigation that could result in an administrative sanction,” said the TPB.
“Sanctions available range from written cautions and orders, all the way to suspensions and terminations.”
According to the TPB, a standard tax agent registration for a 3 year period requires a minimum of 90 hours of CPE, with a minimum of 10 hours each year.
Association of Accounting Technicians chief executive, Rochelle Park earlier told Accountants Daily that the public announcement of the audit program should come as a warning to agents to get their CPD affairs in order.
“We certainly welcome it – CPD is an extremely important commitment for both BAS agents and tax agents because our world changes very consistently, both legislatively, and in terms of software so to be relevant in what we’re doing and to be competent and confident in the services that you are delivering, CPD is absolutely essential to ensure that you are who you need to be and know what you need to know,” said Ms Park.
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.