Positive response to tax practitioner debt and lodgement strategy
The Tax Practitioners Board (TPB) announced today that thousands of tax practitioners have updated their tax affairs since its compliance strategy was announced in December 2018.
'Over two thousand tax practitioners have updated their outstanding lodgements, and millions in outstanding tax debts have been repaid,' said Michael O'Neill, Secretary/CEO of the TPB.
'Tax practitioners operate in positions of trust in the community, and the majority recognise the importance of complying with the law and maintaining ethical standards,' he said.
'Seventy-five per cent of Australian's seek help from a tax practitioner, and most receive great service.
'The TPB remains concerned about those tax practitioners who have failed to meet their own tax obligations and participate in other high-risk behaviours.
'We're now focused on those higher-risk practitioners who've failed to comply with over 1200 lodgement cases and others with $90 million in outstanding debts to the ATO.
'High-risk practitioners include those who inflate work related expenses, support the black economy, or who are involved in deliberate fraud and evasion activity.
'We will also investigate unregistered service providers and bring matters before the courts,' Mr O'Neill said.
The TPB will initiate around 30 investigations seeking to sanction those practitioners who fail to comply with their legal and ethical responsibilities.
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.