A taxpayer has been unsuccessful before the NSW Civil and Administrative Tribunal in seeking remission of interest imposed by the Commissioner in a land tax assessment notice issued in respect of the 2009 to 2013 land tax years. The Commissioner’s case was that the taxpayer had committed tax defaults by failing to furnish land tax…
In a decision handed down Thur 10.7.2014, the Federal Court has imposed a $70,000 pecuniary penalty on a tax agent in respect of contraventions of s 50-20 of the Tax Agent Services Act 2009 (TASA). The Tax Practitioners Board had sought declarations and the imposition of the penalty. In his defence filed on 27 February 2014, the agent…
The AAT has affirmed a decision of the Tax Practitioners Board refusing to renew an applicant’s tax agent registration. On 8 October 2010, the Board had approved the applicant’s tax agent registration. It also notified him of possible further education requirements as part of his tax agent registration renewal. On 28 February 2013, the applicant applied for renewal of…
The following legislative instruments were notified on 30 June 2014: Taxation Administration (Amounts and Rates – Payroll Tax) Determination 2014 (No 1) – This instrument determines the threshold for the payment of ACT payroll tax under the Payroll Tax Act 2011 (ACT) commencing on 1 July 2014. It increases the annual Australia-wide wages threshold from id=”mce_marker”,750,000 toid=”mce_marker”,850,000 and the…
ASIC Commissioner Greg Tanzer has advised that ASIC and the Tax Practitioners Board (TPB) have been working together “to ensure the smooth transition of the new regulatory regime” for financial advisers providing tax advice. From 1 July 2014, the TPB regulates financial advisers who provide tax (financial) advice services under the Tax Agent Services Act 2009 (TASA).…
The Tax Practitioners Board (TPB) has released an exposure draft of an information sheet, TPB(I) D22/2014 (Payroll service providers), designed to assist payroll service providers better understand the tax agent services regime. The draft outlines the: circumstances where a payroll service provider may need to register as a tax agent or BAS agent; circumstances where they do…
The AAT has found that a tax agent was a fit and proper person to continue to be registered as an agent, despite the Tax Practitioners Board finding otherwise. The applicant had been a registered tax agent since 1984, first under the now repealed provisions in the ITAA 1936 and then under the Tax Agent…
The Government Tue 8.7.2014, released the Inspector-General of Taxation’s report into the ATO’s administration of penalties. According to the IGT, “the objective of the penalties regime to foster ‘voluntary compliance’ may be hindered by a lack of sufficient differentiation between a range of taxpayer behaviours, the inability to receive interest on money paid for unsustained penalties and…
The Tax Agent Services Amendment (Tax (Financial) Advisers) Regulation 2014 was registered on Wed 23.7.2014, to amend the Tax Agent Services Regulations 2009 to bring financial planners within the regime administered by the Tax Practitioners Board (TPB). The Regulation does this by prescribing a tailored set of ongoing registration requirements for ‘tax (financial) advisers’, as…
The Tax Practitioners Board (TPB) has finalised a number of key documents that contain important information for tax (financial) advisers. These include: TPB(I)20/2014 What is a tax (financial) advice service? TPB(EP) 05/2014 professional indemnity insurance policy requirements for tax (financial) advisers; and TPB(EP) 06/2014 continuing professional education policy requirements for tax (financial) advisers. From 1 July 2014,…