Failing to comply with your tax (financial) adviser obligations
All registered tax practitioners must comply with the Tax Agent Services Act 2009 (TASA), including the Code of Professional Conduct (Code) and the civil penalties provisions. We consider allegations that a tax practitioner has failed to comply with the TASA very seriously.
If we receive a complaint that a tax practitioner is suspected of failing to comply with the TASA including the Code, we will look into the matter further by making preliminary enquiries. Where we consider it appropriate, we will initiate a formal investigation.
If we find that a tax practitioner has failed to comply with the TASA we may impose one or more administrative sanction or seek a Court imposed civil penalty. Administrative sanctions for breach of the Code can include:
- a written caution
- an order requiring the tax practitioner to:
- complete a course of education or training we specify
- only provide certain services
- provide services only under supervision
- suspension of registration for a certain period
- termination of registration.
The severity of a sanction depends on the nature and extent of the breach and the individual circumstances of each case.
If an administrative sanction is imposed (other than a written caution), details of the sanction are listed against the tax practitioner on the TPB Register.
There are a number of civil penalty provisions in the TASA relating to certain conduct of registered tax practitioners, and certain activities of those who are acting as unregistered tax practitioners.
The Federal Court has the power to impose penalties of up to $52,500 for individuals and $262,500 for corporations for each breach.
For more information, refer to:
- Code of Professional Conduct
- About complaints
- Termination of registration
- Civil penalties under the tax agent services regulatory regime
Last modified: 6 March 2018