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Industry-wide weakness overstated with PwC failings

This month's announcement of the biggest crackdown on tax adviser misconduct in Australian history leaves the small end of town reeling with frustration and hopeful this reform achieves balance.

Australia Bookkeepers Association (ABA) Director, Kelvin Deer, says the industry is now in the thick of navigating a public relations minefield as it seeks to temper mistrust caused by a number of big end of town failings while advocating for the good work done by the everyday BAS Agent.

“The whole industry is getting tarnished with the same brush,” said Kelvin. “This month’s announcement from the Treasurer that the PwC scandal has exposed ‘severe shortcomings in our regulatory framework’ unnecessarily casts a shadow on the whole industry.

As part of this announcement, the Tax Practitioner’s Board (TPB) has been given sweeping powers to right wrongs that enabled PWCs recent misconduct. The TPB has stronger powers to investigate and prosecute perpetrators of tax fraud, while also being given charge to drive greater transparency in professional dealings to ‘restore public confidence’.

“Our message is one of balance and we want to see an appropriate tone tempering sensational headlines,” said Kelvin. “We know that most Tax and BAS Agents are trying to do the right thing and inferring PwC is indicative of a systemic problem of misconduct is overstating things.

 “We realise trust is broken, but to the small business owner who has an ongoing relationship with their BAS and Tax Agent, they can still be confident they’re backed up by robust laws”.

“We are in favour of revisiting and maintaining a strong regulatory framework and we’re pleased to have a senior place at that table to oversee transparent conduct,” said Kelvin.

Accepting his recent appointment onto the TPB’s Governance & Standard s Forum,  which is charged with guiding the scope of these regulations, Kelvin is looking forward to the role, continuing the good work of now retired Australian Bookkeepers Association Director, Cass Scott.

“The last thing we want out of this consultation is a big stick being wielded that makes it impossible for BAS Agents to run a business profitably,” said Kelvin.

“We can’t be wrapped up in red tape,” Kelvin continued. “I’m convinced there’s a balance to be found in regulation that favours ethical conduct that also makes it worthwhile to do business.”

Find out how ABN protects BAS Agent’s join as a member at: ABN Benefits | Support & Tools For Bookkeepers (austbook.net)

Category
ABN
Published
17 Aug 2023
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