74 tax practitioners in trouble over SMSFs
Seventy-four tax practitioners have found themselves in trouble with the Tax Practitioners Board (TPB) over lodging incorrect “and perhaps fraudulent” self-managed superannuation fund (SMSF) annual returns.
The TPB said the 74, representing 106 SMSFs, had been identified as part of an Australian Taxation Office (ATO) compliance campaign.
TPB chairman, Ian Klug said the TPB would be demanding an explanation from all 74 tax practitioners.
“Misconduct or failure to adequately respond to the TPB’s inquiries is a breach of the Code of Professional Conduct and may result in imposition of sanctions including suspension or termination of registration,” he said.
“SMSFs are an important component of Australia’s taxation and superannuation system and SMSF auditors play a critical role in ensuring the integrity of the system through the annual audits of SMSFs. These audits must be completed by an approved SMSF auditor before an SMSF annual return can be lodged.”
“SMSF trustees rely on their superannuation savings to fund their retirement. The Australian government relies on regulators like the TPB, the ATO and tax practitioners to ensure that these funds are properly managed.”
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
