TPB releases caution, termination numbers

TPB releases caution, termination numbers

The Tax Practitioners Board has released its figures for the last 12 months, detailing the number of written cautions, orders and terminations that were issued as a result of tax agents not submitting their annual declarations.

The TPB launched the annual declaration process one year ago, and reported a pleasing 98% on time lodgement rate from tax agents.

Non-lodgement can create significant issues for registration, warned TPB chair Ian Taylor in a recent communication to agents.

The TPB took action against a small number of agents for not submitting their annual declaration when it was due – resulting in 431 written cautions, 71 orders and 14 registration terminations.

“However, I am delighted with the progress we have all made in 12 months, with around 34,000 annual declarations received so far,” Mr Taylor said.

Mr Taylor also noted that the TPB recently commenced renewing the registrations of around 19,000 tax (financial) advisers, who came into the TPB under the notification option.

“While we are mindful of the large number of renewal applications for tax (financial) advisers expected in the second half of 2017, you will not be disadvantaged if you lodge your renewal applications on time – you will remain registered until the TPB notifies you of the outcome,” he told agents.

TPB releases caution, termination numbers
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