How a paper tiger mauled PwC

As government outrage deepens over leaks of secret tax policy consultations by PwC personnel, industry figures were describing the scandal as a watershed event for the government which isadvice from big four firms on whom it relies to help shape new tax laws.

It is also looking at past advice. The wider issue the government is struggling with is whether the advice it got about the Base Erosion Profit Shifting policies from big four firms was flawed, and whether weaknesses were baked into the new laws or loopholes ignored. Peter Collins, former international tax leader for PwC Australia, has had his registration as a tax agent terminated.

In 2019, then assistant treasurer Michael Sukkar commissioned a review of the TPB led by tax lawyer Keith James. The review noted that the TPB was the only regulator that can discipline wayward tax agents or tax firms, imposing either a written caution, making an order , or suspending or terminating registration.

“Our recommendations were made after extensive consultations with all interest groups,” Mr James told. “There was a common thread that the independence of the TPB should be strengthened, the consequences for breaches of the code be extended and the TPB be resourced to improve ethical standards.”Despite support from the profession, the Tax Office and the TPB, the 45 recommendations by Mr James went nowhere for three years.

So when the TPB met to decide on its PwC investigation six days later, board members knew the three-year struggle to overhaul the TPB had failed.

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WA opposition leader announces shock resignationMia Davies, Western Australia&x27;s Nationals leader and the Central Wheatbelt member, announced her resignation outside Parliament House. Wow i hope the other 3 nationals will manage. Lol What they have left, what four to choose from for deputy opposition leader. Give the other lower house member a go.
Source: 9NewsSyd - 🏆 23. / 51 Read more »

‘Rinja Warriors’: Young Aussies are shock grand slam doubles finalistsRinky Hijikata was a wildcard entry - but now he finds himself in the finals of a Grand Slam alongside Jason Kubler as Australia welcomes a new set of tennis superstars.
Source: FinancialReview - 🏆 2. / 90 Read more »

Emergency response following seaplane crash off Gold CoastA seaplane has crashed off a popular beach on the Gold Coast. The aircraft came down off South Stradbroke Island while it was taking off. Two people escaped without injury. 7NEWS
Source: 7NewsMelbourne - 🏆 18. / 59 Read more »

How higher tax-free super cap can turbocharge your savingsIt could also mean higher annual contribution limits and more opportunities for couples to equalise their super balances.
Source: FinancialReview - 🏆 2. / 90 Read more »

A no vote for the Voice to Parliament is ‘not allowed’ to be advocated forThe Australian’s Foreign Editor Greg Sheridan says a no vote for the Voice to Parliament is “not allowed” to be advocated for. “There’s tax deductibility for the yes case, there’s no tax deductibility for the no case,” he told Sky News host Peta Credlin. I will vote no if allowed '...a no vote for the Voice to Parliament is “not allowed” to be advocated for.' Except by us. The great unwashed.already talking in pubs,clubs and at Australia Day. When the time comes. When the referendum is anonymous. Then we will talk with our vote. The no vote for the voice is advocated for all day long, seven days a week on all of news corps platforms. The largest media conglomerate in Australia
Source: SkyNewsAust - 🏆 7. / 78 Read more »

When second-tier Brighton knocked Liverpool out of the FA CupBrighton pulled off a huge shock in 1984 – despite the fact their former manager wanted them to ‘get well and truly stuffed’
Source: GuardianAus - 🏆 1. / 98 Read more »