In a stern warning to practitioners, the TPB has issued three sanctions to six tax practitioners, compromising of a written order, an order to lodge their annual declaration within two months and a suspension of registration for three months.
All six tax practitioners had failed to lodge their annual declaration due by 1 April.
The suspensions came into effect on 20 June, and come as a warning ahead of tax time, with TPB chief executive Michael O’Neill revealing that only 69 per cent of annual declarations due before 1 July have been submitted, with around 1,425 practitioners still to lodge.
Annual declarations are due each year before the anniversary of a practitioner’s registration expiry date.
Mr O’Neill said annual declarations provide confirmation that registered practitioners are fully compliant with their legal and ethical obligations, including professional indemnity insurance, and for individual practitioners, continuing professional education.
“They also provide valuable intelligence to the TPB so that we can address high-risk behaviours that would otherwise undermine public confidence in the tax profession,” he said.
“Close to the end of June, we can report that registration renewals are tracking well, but the lodgement of annual declarations still needs close monitoring.
“Nearly 90 per cent of the registration renewals due before 1 July have been submitted, which is positive news.”
Mr O’Neill said the TPB is working closely with recognised professional associations to ensure members submit their registration renewal or annual declaration with the TPB on time.
“We have made it clear that failure to submit by the due date may result in a sanction, including suspension or termination of registration,” Mr O’Neill said.
“These sanctions make it clear that tax practitioners, in positions of trust in the community, must comply with their ethical and legal requirements, and lodge their annual declarations in a timely manner.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.