The Chair of the Tax Practitioners Board (‘TPB’), Ian Taylor has reported that it is just over a year since the TPB launched the annual declarations process and, of those practitioners who have had annual declarations due, 98% have lodged on time.
The annual declaration is due on the anniversary of the practitioner’s renewal date, which can be found on the TPB Register.
Therefore, those who renewed in 2016 will be required to do an annual declaration this year.
The TPB will send practitioners an email to let them know when their annual declaration is due and how to complete it, nothing that it will not be required in the years that they renew registration.
The TPB has received feedback that the online annual declaration form is quick and easy to complete and submit – many practitioners reported it took less than five minutes.
For those who do not lodge on time, it is important to know that this may affect their registration.
Over the past 12 months, the TPB has acted against a small number of agents for not submitting their annual declaration when it was due, resulting in 431 written cautions, 71 orders and 14 registration terminations.
The TPB has also commenced renewing the registrations of around 19 000 tax (financial) advisers who came into the TPB under the notification option.
Ref: TPB eNews, March 2017, Message from the Chair.