- Australia proposes a new penalty regime making firm partners liable for financial penalties in cases of tax adviser misconduct.
- The Tax Practitioners Board would gain authority to impose steep civil penalties on firms and partners.
- The proposal introduces new criminal offenses for tax agent fraud.
- The bill is a response to the PwC tax leak scandal and fulfills a 2023 government pledge to crack down on tax adviser misconduct.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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