One accounting body has called for further reforms in response to Treasury’s review into tax and corporate whistleblowing, including the introduction of greater incentives and a single authority.
With the most significant reforms made to the corporate and taxation whistleblower protection framework –as governed by the Corporations Act 2001 and Taxation Administration Act 1953 – last made in 2019, one accounting body has stressed that Treasury’s latest review of the system requires a “rethink”, in response to the government’s Statutory review of tax and corporate whistleblowing.
Speaking to Accountants Daily, Michael Davison, general manager of advocacy and emerging policy at the Institute of Public Accountants (IPA), said numerous entities are not covered by the two governing whistleblower protection laws.
“More needs to be done to ensure consistency between the tax and corporations regimes,” IPA said in a submission to the review.
A single authority
Davison noted that the protections under the two acts are similar but not identical and said that a single whistleblowing authority should be established to reconcile these differences.
“A dedicated institution could operate as a central agency to assist with coordination and referrals, and reduce confusion, duplication and inefficiencies. An oversight agency could also improve the accountability of existing regulators,” the submission said.
“Having a central agency would funnel complaints or disclosures to the...
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