News

Compliance, Tax

TPB cracks down on SMSF non-lodgers

Over 2700 tax practitioners who are also trustees of their own SMSF have outstanding SMSF annual returns, according to the Tax Practitioners Board (TPB).

TPB chair Ian Taylor said the board has launched a new compliance strategy urging registered tax practitioners, including tax agents, business activity statement agents and tax financial advisers, to settle their outstanding tax obligations.

The new compliance strategy comes after fresh data analysis showed areas of non-compliance by registered tax practitioners.

Taylor warned tax practitioners with outstanding lodgements of income tax returns or activity statements and ATO debt may be in breach of the Tax Agent Services Act 2009.

“The TPB will initially work closely with practitioners to give them an opportunity to remedy any outstanding tax obligations,” he said.

“After six weeks, firmer action will be taken to enforce the laws, including investigations, prosecutions and proactive collection action where appropriate.”

ATO SMSF segment assistant commissioner Dana Fleming recently told selfmanagedsuper the ATO is continuing to crack down on non-lodgers as 40,000 SMSFs have failed to meet their lodgement obligations.

Non-lodgers represent around $15.6 billion in funds.

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