The Australian Taxation Office (ATO) and Tax Practitioners Board (TPB) have issued a joint statement, asserting their support to tax agents as their clients deal with the unprecedented coronavirus crisis.
Highlighting the vital importance of tax professionals to Australia’s tax and super systems, the TPB and ATO acknowledged that much confusion surrounds the government’s stimulus packages.
“Some advisers may be grappling with the tax consequences associated with the stimulus payments, and wondering what will attract our attention,” the bodies said.
“We also know that some businesses are already making changes to their business structures and employment arrangements following the stimulus announcements.”
They warned, however, that firm action will be taken against those that do the wrong thing.
“We ask that tax agents and businesses be mindful that it is not acceptable to backdate or artificially change a business structure or employment arrangements, including changing the characterisation of payments, in order to obtain a benefit or payment that would not otherwise have been paid,” the bodies said.
“The ATO and TPB will take firm and swift action should this be the case.”
While the ATO and TPB said they understand these situations can be difficult to navigate, they asked tax professionals to remain vigilant and report wrongdoing.
“We encourage anyone who needs advice to seek assistance from us. If you become aware of someone doing the wrong thing, report them to the TPB or the ATO or by calling 1300 362 829. All reports will be treated in the strictest confidence,” they said.
Overall, the bodies said that as “trusted guardians of the tax and super systems”, tax professionals have an important role to play in helping Australia overcome these challenges.
“The best way forward is for all of us to work together to ensure the government measures are applied in accordance with their intent,” they said.
“We are committed to supporting you during this difficult time, and ask that you support all Australians in the conduct of your practices.”
