Dyson will replace Chris Jordan AO, recently appointed as the new Federal Commissioner of Taxation, as head of the non-statutory expert working group.
The working group provides advice to the Federal Treasurer on improving the Australian taxation system and better designing tax laws.
Dyson, the first woman to head the body during its 12-year existence, said she was "delighted and humbled" to be appointed to a group that has the ability to help drive real change in the Australian taxation system.
"I look forward to continuing the important national discussion about tax policy development and implementation with the business community,” said Dyson.
"I hope to build on the strong reputation the Board of Tax has developed as a body that brings a true business perspective to the tax debate. On-going and increased engagement with corporate taxpayers and the tax profession is critical to progressing the Board's mission of providing a business and community perspective to tax matters.”
Ashurst Australia managing partner John Carrington said: "Teresa's appointment is a true indication of her standing and leadership in the area of taxation law.”