TPB, ATO recoup millions in revenue
The ATO and the Tax Practitioners Board have recouped over $40 million in outstanding tax bills and more than 1,000 SMSF late returns.
Last year, in collaboration with the Australian Taxation Office (ATO), the TPB commenced action on thousands of tax practitioners who had fallen behind in their own tax obligations.
The latest figures show millions of dollars in revenue have been recouped and retirement savings at risk reduced, the TPB revealed.
“I’m pleased to see that many practitioners have responded, paying over $40 million in outstanding tax bills, and taking action with more than 6,000 late lodgements,” said TPB chair Ian Klug.
Mr Klug said the TPB has commenced 35 investigations into higher risk breaches, with a view to imposing sanctions, including termination of registration.
“The message to tax practitioners is clear – you need to act now to ensure your personal tax obligations are up to date,” said Mr Klug.
ATO assistant commissioner Dana Fleming noted that this is especially important for tax practitioners who act as trustees for their own self-managed superannuation fund (SMSF).
“This is particularly the case when some practitioners were found to be acting as trustees of their own SMSF, with collective outstanding returns of over a billion Australian dollars in superannuation retirement assets,” Ms Fleming said.
She revealed that over 1,000 SMSF late returns have now been lodged by tax agent trustees, disclosing total assets exceeding $500 million.
“We continue to target tax practitioners who fail their legal and ethical responsibilities and the ATO is separately pursuing agent cases, including debt recovery litigation and prosecution actions,” Ms Fleming said.