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Tax office should receive $500 million penalty

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Media Release

National Tax & Accountants’ Association Level 14, 499 St Kilda Road, Melbourne

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TAX OFFICE SHOULD RECEIVE $ 5 0 0 MILLION PENALTY The Tax Office has apparently breached its own sacred Tax File Number (TFN) legislation by currently sending out an estimated 50,000 superannuation surcharge notices clearly displaying the TFft in the address window of the envelope.

According to Ray Regan, President of the National Tax & Accountants' Association, "under the Taxation Administration Act a person must not divulge or communicate another person's tax file number to a third person. A breach of the act carries a penalty of $10,000 or imprisonment for two years, or both ”

Regan states "the ATO has now put at serious risk highly confidential information relating to superannuation funds operating around the country. Accountants are absolutely furious with the Tax Office as many have previously been personally threatened with the $10,000 fine or

imprisonment, or both. Sadly, this is just another classic mistake relating to the structurally flawed superannuation surcharge legislation.

At the very least the Commissioner should be apologising for the error he has made and providing an indemnity for any breaches that occur by third parties using this highly confidential information".

Ray Regan, President Mobile: 0418 320 751

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