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13 Dec 2018 Tax practitioners must meet personal tax obligations

The Tax Practitioners Board (TPB) launched a new compliance project on 11 December, targeting non-compliant behaviour by tax practitioners, including management of their outstanding personal tax obligations. 

The data indicated that about 5% of tax practitioners have late lodgments with the ATO, including activity statements and tax returns. 

In addition, 7% of tax practitioners have outstanding ATO debts, totalling nearly $115 million, without arrangements to repay these bills. 

Data shows that over 2,500 tax practitioners have not lodged one or more of their personal income tax returns or for those of their associated entities and over 1,000 have more than one outstanding Business Activity Statements (BAS) or for their associated entities. 

Of these numbers, nearly 500 tax practitioners have a combination of both. In relation to ATO debt, over 5,000 have a debt of over $300 (with no active payment arrangements), representing a total debt of nearly $115 million. 

The new debt and lodgment project focuses on tax practitioner behaviour which harms clients, undermines the integrity of the profession and adversely impacts on community confidence in the tax system. 

A new information sheet for tax practitioners outlines what is required under Code item 2 (complying with the taxation laws in the conduct of personal affairs). 

More information can be found here

The Tax Institute’s media release ‘TPB: Tax practitioners’ personal obligations are as important as their clients’ obligations’ can be found here.

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