By API User
The new Administrative Review Tribunal (ART) has rejected an application on appeal by former Gold Coast tax agent, Philippe Colin (also known as Phil Colin) to overturn the Tax Practitioners Board’s (TPB) decision to terminate his registration and impose a 4-year ban from reapplying. Mr Colin’s registration was terminated after the TPB found he had … Continued
By API User
The Federal Court of Australia has today handed down a judgement against Sydney business coach, Julian Bakarich, his company co-director and former tax agent Thi Cam Tu Nguyen, and their related entities, The Dream Consortium Pty Ltd (TDC) and The Dream Accountants Pty Ltd (TDA), ordering $13.6 million in penalties to be paid for breaches … Continued
By API User
The Australian Taxation Office (ATO) is warning businesses not to get involved in related-party structuring arrangements or schemes to cheat the tax and super systems. The Serious Financial Crimes Taskforce (SFCT) has identified an increase in fraudulent claims for large GST refunds across a number of industries. The arrangements that have been observed involve sophisticated structuring … Continued
By API User
A 44-year-old woman has today been sentenced to 2 years and 8 months imprisonment for dealing with the proceeds of indictable crime, contrary to section 134.2(1) of the Criminal Code (Cth). They will be released on a Recognisance Release Order after serving 10 months, upon entering recognisance of $2,000 and to be of good behaviour for 2 years. Thitikorn … Continued
By API User
The Australian Tax Office (ATO) is reminding employers that paying correct super entitlements on time is not optional, and it will take action to protect employees. Latest data shows ATO actions have led to $932 million dollars of previously unpaid superannuation reaching the retirement accounts of 797,000 employees in the past year. Deputy Commissioner Emma … Continued
By API User
The Tax Practitioners Board (TPB) Chair, Peter de Cure AM, today released the 2023-24 Annual Report, highlighting increased engagement with tax practitioners and taxpayers, combined with a focus on high-risk practitioners. In his review of the year, Mr de Cure observed that the past 12 months have seen welcome reforms that strengthened integrity in the … Continued
By API User
The Australian Taxation Office (ATO) has published the tenth annual Corporate tax transparency (CTT) report revealing the ATO received $97.9 billion in income tax from large corporates, up 16.7% from the previous year. ATO Deputy Commissioner Rebecca Saint reflected on another record year of tax paid by large corporates. ‘This is a great result for … Continued
By API User
To ensure appropriate standards of professional and ethical conduct in the tax profession are upheld, the regulator for tax practitioners, the Tax Practitioners Board (TPB), today released draft policy guidance for public consultation. The draft policy guidance seeks to assist tax practitioners understand the new obligations in the Tax Agent Services (Code of Professional Conduct) … Continued
By API User
The Australian Taxation Office (ATO) is urging Australians who have not yet lodged their income tax returns to lodge, or get on the books with a registered tax practitioner before 31 October, to avoid potential penalties. ATO Assistant Commissioner Rob Thomson said over 9.4 million Australians have already lodged, with a further 1.5 million self-preparer … Continued
By API User
The Government has expanded the Code of Professional Conduct (Code) for tax practitioners, to strengthen integrity and accountability in the tax profession. To support implementation, the TPB is engaging with stakeholders, including tax practitioners, professional associations and community representatives, to develop practical guidance. TPB guidance will issue in late October for broad public consultation, with … Continued
