The 2014/2015 year will see a “significant reduction” in the TPB’s operating budget, according to the report, which was tabled in parliament last week.
The report stated the TPB’s new allocation would be $14.319 million, a reduction of $2.677 million from the previous year.
“These new budget pressures have the potential to significantly impact on TPB operations, particularly with the anticipated increased workload to regulate tax (financial) advisers,” the report stated.
“Our leadership team regularly reviews priorities and looks strategically at ways to reduce staffing and supplier costs to ensure the TPB operates within its allocated budget.”
The TPB also noted it has been asked to cut compliance costs in line with the government’s $1 billion red and green tape reduction target.
Over the past year, the TPB has faced a “changing environment”, according to the report.
“Changes impacting on our role during the past 12 months have included legislative amendments, a new government, a concerted push toward greater deregulation, and the ATO’s announcements of its plans to transform tax administration,” the report stated.
“Throughout the year the TPB has been agile and pragmatic in anticipating and responding to changes, and communicating key messages to stakeholders.”
