TPB chair Ian Klug said the MOU sets out a clear and practical framework for engagement, co-operation and proactive information sharing between the two organisations.

“This is our first finalised MOU with a recognised professional association, but we expect more to come as we continue to work closely with other associations to develop similar agreements,” Mr Klug said.

“The purpose of this agreement, and the others that will follow, is to make it clear that both organisations are committed to working collaboratively for the betterment of the tax profession.”

FPA chief executive Dante De Gori said the agreement was a testament to the association’s close relationship with the TPB.

“The FPA has built a strong and close working relationship with the TPB over the past eight years as tax financial advisers have integrated into the TPB, and we have seen the benefits of a regulator whose primary focus is on the relationship between a professional and their client,” Mr De Gori said.

“The FPA has demonstrated a commitment to enforcing and holding members accountable to professional codes of ethics for over 25 years, and we welcome the opportunity to work more closely with the TPB on encouraging professional behaviour for the protection of consumers.”