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. 

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“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.”