TPB suspends 6 tax practitioners for failing to lodge annual declarations

In the first compliance action of its kind, the TPB issued six tax practitioners with three sanctions each on 20 June, for failing to lodge annual declarations by 1 April.

The sanctions comprised a written caution; an order to lodge their annual declaration within two months; and suspension of registration for three months.

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, the TPB explained. 

TPB CEO Michael O’Neill said annual declarations help protect members of the public who use tax practitioner services.

"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," Mr O'Neill 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," he added. 

Mr O'Neill revealed that while nearly 90 per cent of the registration renewals due before 1 July have been submitted, only 69 per cent of annual declarations were received. 

"We have made it clear that failure to submit by the due date may result in a sanction, including suspension or termination of registration. 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," Mr O'Neill clarified.