As a registered tax practitioner, you have a significant impact on influencing and supporting the tax system. It is crucial for you to stay current with your personal tax obligations to meet community expectations and comply with taxation laws.
In addition to your general obligations under taxation laws, the Code of Professional Conduct (Code) mandates that you adhere to taxation laws in managing your personal affairs (Code item 2).
You must ensure that your personal tax matters, including those of related entities, are in order, such as:
lodging your personal income tax returns on time
lodging your instalment or business activity statements on time
paying your tax bill or coming to an arrangement with the Australian Taxation Office to pay amounts owing.
If we find that you have failed to comply with your personal tax obligations (including those of related entities), the Board Conduct Committee (BCC) may decide that you have breached Code item 2 and impose a sanction which may include:
issuing you with a formal written caution
issuing an order that you must comply with
suspending your registration
terminating your registration.
Failing to disclose outstanding personal tax obligations:
We require you to declare any outstanding personal tax obligations on your registration renewal form.
While ensuring that your personal tax obligations (including those of related entities) are current is essential, it is equally important to disclose any outstanding tax obligations on these forms.
If we discover that you have not disclosed your outstanding obligations, the Business Conduct Committee (BCC) may determine that you have breached Code item 1 (Acting honestly and with integrity) and may impose a sanction as outlined above.
Source: Australian Government Tax Practitioners Board (https://www.tpb.gov.au/home)
Comments