CA ANZ Reaction to the Inspector-General of Taxation and Taxation Ombudsman
TaxID Fraud Interim Report – Bank account integrity critical to prevent and detect TaxID fraud
Please attribute the following to Susan Franks CA ANZ Senior Tax Advocate:
“Chartered Accountants Australia and New Zealand (CA ANZ) members strongly support measures to combat fraud and CA ANZ broadly supports the Inspector General of Taxation and Taxation Ombudsman (IGTO) recommendations.
This interim report by the IGTO vindicates CA ANZ member concerns about security controls around tax refunds and has found that greater authorisation checks should be included in Australian Taxation Office (ATO) systems.
Many members have been questioning whether low hanging fruit, such as checking whether changes to bank account details were authorised, have been appropriately implemented by the ATO, before putting tax agents through the extremely administratively burdensome process of client agent linking.
With more than 9.7 million Australians affected by cyber breaches of high-profile corporates, a great many taxpayers are exposed to identity fraud.
Substantial amounts of money flow in and out of the ATO and there is an expectation that ATO systems at least meet the security practices that are utilised by major financial institutions.”
ENDS
You can find more information about the IGTO Interim Report here
ENDS
Media Contact
Gillian Bowen
M +61 (0)411 485 421 E: [email protected]
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 138,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.