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74 tax practitioners targeted for concerning behaviour

74 tax practitioners targeted for concerning behaviour

The Tax Practitioners Board (TPB) is undertaking a review of registered tax practitioners believed to have provided false information to the Commissioner of Taxation. The review identified 74 tax practitioners that lodged 2017 and 2018 self-managed superannuation fund (SMSF) annual returns with an incorrect, perhaps fraudulently recorded, SMSF Auditor Number (SAN).

An Australian Taxation Office (ATO) compliance campaign that commenced last year, found that 74 practitioners representing 106 funds have lodged annual returns for the 2017 financial year with an incorrect SAN and failed to satisfactorily respond to ATO inquiries. The ATO then referred the matter to the TPB. 

SMSFs are an important component of Australia’s taxation and superannuation system and SMSF auditors play a critical role in ensuring the integrity of the system through the annual audits of SMSFs. These audits must be completed by an approved SMSF auditor before an SMSF annual return can be lodged.

TPB Chair, Ian Klug AM commented, ‘SMSF trustees rely on their superannuation savings to fund their retirement. The Australian government relies on regulators like the TPB, the ATO and tax practitioners to ensure that these funds are properly managed.’

‘The TPB will be demanding an explanation from all 74 tax practitioners. Misconduct or failure to adequately respond to the TPB’s inquiries is a breach of the Code of Professional Conduct and may result in imposition of sanctions including suspension or termination of registration.’

About the Tax Practitioners Board

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter @TPB_gov_au, Facebook and LinkedIn

Monday, May 25, 2020