Publication date: 11 Dec 18 |
Source: THE TAX INSTITUTE
SYDNEY, 11 December 2018: Today, the Tax Practitioners Board (TPB) has launched its new compliance strategy calling on tax practitioners to settle their outstanding debt and lodgment obligations
The focus of this strategy is on registered tax and BAS agents and tax (financial) advisers who have not met their own personal tax obligations.
According to the TPB, approximately 5% of tax practitioners have outstanding or late lodgments, including activity statements and returns with the ATO, and approximately 7% have outstanding debts totalling nearly $115 million without a plan in place to repay them.
“The statistics released by the TPB are a concern”, says, Professor Robert Deutsch, Senior Tax Counsel at The Tax Institute.
“Tax practitioners should set the standard for tax compliance behaviour.”
“Any tax practitioners with outstanding lodgments and debts will have until 31 January 2019 to get their affairs in order before the TPB is likely to look at imposing sanctions on non-compliant practitioners.”
“In determining what actions might be pursued, The Tax Institute expects that the TPB will take into account:
- any extenuating circumstances, such as illness (both personal and immediate family);
- how many returns are outstanding; and
- whether the practitioner in question has taken active steps to rectify their non-compliance including seeking extensions to lodge.”
“We remind all of our members registered with the TPB of the importance of keeping their personal tax obligations up to date in accordance with the TPB’s Code of Professional Conduct,” added Professor Deutsch.
For more information, please contact: Stephanie Conway, Media Relations: 02 8223 0011.
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