Are you in the top 80 per cent of tax practitioners?
Every month, approximately 3,000 registered tax practitioners must complete an annual declaration for the Tax Practitioners Board (TPB).
Nearly 80 per cent complete their annual declaration in response to TPB reminder emails sent prior to the due date. By responding in a timely manner, these tax practitioners save themselves the stress and anxiety of a late submission and possible investigation.
The annual declaration is a quick and easy process, taking less than five minutes to complete.
If annual declaration reminder emails are ignored, SMS alerts are sent to help tax practitioners as a final reminder to complete their annual declaration on time and avoid an investigation.
Approximately 20 per cent of tax practitioners respond when they receive an SMS Final Notice alert to submit their annual declaration.
The annual declaration process assists in maintaining the ethical and professional standards of the tax practitioner profession and ensures tax practitioners meet their ongoing registration requirements. These requirements include:
- having professional indemnity insurance cover
- undertaking continuing professional education/development
- satisfying fit and proper requirements, and
- meeting personal tax obligations.
In 2017-18, more than 600 tax practitioners either surrendered their registration or were terminated due to a failure to comply with the annual declaration requirement.
If tax practitioners surrender their registration, it is often because they recognise that they no longer meet one or more of the requirements to remain registered.
Last modified: 25 July 2018