Mendonca v Tax Practitioners Board – Board infected its decision not to investigate complaints about 2 tax agents with ‘jurisdictional error’ – behaviour outside ‘tax agent services’ relevant to ‘fit and proper person’ test

On 7 November 2018, the Federal Court ordered that a decision of the Tax Practitioners Board (Board), to not investigate Mr Mendonca’s complaint, against the registration of two tax agents, was affected by ‘jurisdictional error’ and ordered that the decision be quashed. The Board conceded this and undertook, to the Court, revisit the complaint and…

GST fraud – Perth stockbroker extradited from US and sentenced to 5 years jail for $528,000 of fraudulent ‘input tax credit’ claims after decade-long investigation

The ATO reported that on 14 November 2018, a Perth stockbroker was sentenced to five years’ jail, for committing large-scale tax fraud, while living in the United States more than a decade ago. Gary Parsons, 53, was extradited from the US, in 2017, following a decade-long joint investigation by the Australian Taxation Office (ATO) and Australian Federal…

Government to support Small Business access to funding – Treasurer announces $2b to seed ‘securitisation’ of SME loans and a ‘Fund’ to provide patient capital for growth

On Wednesday 14 November 2-018, the Treasurer and Minister for Small Business issued a joint Media Release announcing 2 measures to assist small and medium enterprises (SMEs) get loan and equity funding. They are: To establish the ‘Australian Business Securitisation Fund’ with $2b of Federal funds. To establishment of an ‘Australian Business Growth Fund’ that would…