TPB to focus attention on $90m owed to ATO by tax practitioners
The Tax Practitioners Board (TPB) has said it will focus its attention on the $90 million in outstanding debts owed to the ATO by tax practitioners.
The TPB said in a statement that it is concerned about 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 1,200 lodgement cases and others with $90 million in outstanding debts to the ATO," said Michael O’Neill, secretary and CEO of the TPB.
"High-risk practitioners include those who inflate work related expenses, support the black economy, or who are involved in deliberate fraud and evasion activity."
The TPB will initiate around 30 investigations seeking to sanction those practitioners who fail to comply with their legal and ethical responsibilities.
"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," Mr O’Neill also said.
He commended the thousands of tax practitioners who have updated their tax affairs since TPB's compliance strategy was announced in December 2018.
"Over 2,000 tax practitioners have updated their outstanding lodgements, and millions in outstanding tax debts have been repaid," Mr O’Neill added.
According to TPB, 75 per cent of Australians seek help from a tax practitioner.