27 June 2019.
Six tax practitioners have been suspended by the Tax Practitioners Board (TPB) for failing to lodge their annual declarations on time.
In the first compliance action of its kind by the TPB, the six tax practitioners were each issued with three sanctions on 20 June, comprising:
- a written caution
- an order to lodge their annual declaration within two months
- 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.
All the tax practitioners had failed to lodge their annual declaration due by 1 April.
TPB CEO, Mr 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,’ 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.
‘However, only 69 per cent of annual declarations due before 1 July have been submitted, with around 1,425 practitioners still to lodge.’
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,’ he 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.’