74 tax agents found to have lodged incorrect SARs
A recent review from the Tax Practitioners Board has identified 74 tax practitioners that lodged 2017 and 2018 SMSF annual returns with an incorrect SMSF auditor number (SAN).
According to a statement, the board suggested that some of those incorrect SARs may be “perhaps fraudulently recorded”.
The review is part of a compliance campaign from the ATO that began last year.
The ATO found that 74 practitioners representing 106 funds have lodged annual returns for the 2017 financial year with an incorrect SAN and failed to satisfactorily respond to ATO inquiries.
The regulator subsequently referred the matter to the TPB, which has then been undertaking a review of registered tax practitioners believed to have provided false information to the Commissioner of Taxation.
TPB chair Ian Klug said the board will be demanding an explanation from all 74 tax practitioners.
“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,” Mr Klug said.
“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.”
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.