On 22 July 2019, the Australian Financial Review (AFR) published an article describing how, the financial services Royal Commissioner: Kenneth Hayne had added to the concern that Wayne Byres’ attitude, smacked of a tin ear to some of the criticisms made about the regulator in Graeme Samuel’s capability review. It gives fascinating insight into APRA’s own…
On 19 July 2019, the Australian Financial Review (AFR) published an article entitled ‘APRA told to just get on with it’ – relating how the Treasurer had persuaded APRA’s Wayne Byers to reaffirm its commitment to implementing all 19 of the Samual Capability Review, which were directed at it. Byers had wavered, saying it was…
On 16 July the Australian Financial Review (AFR) reported that the The APRA Capability Review, led by Graeme Samuel, found the regulator was slow and reluctant to properly scrutinise the super sector and has recommended new approaches to leadership, analysis and resourcing to protect the growing pool of retirement savings. See below for further details FJM…
On 13 August the Tax Practioners Board (Board) posted a news article advising that it had terminated the registration of a tax agent for failing to exercise reasonable care and failure to act competently (all breaches of the Code of Conduct in Div 30 of TASA 2009). On the face of it, this seems harsh…
On 13 August 2019, the Tax Practioners Board (Board) uploaded a news article advising that it had terminated the registration of a tax agent and imposed a 5 year period, during which the agent could not apply to be re-registered. And it wasn’t just for the $1.4m the agent owed in tax and superannuation debt.…
On 13 August 2019, the Tax Practitioners Board (Board) posted a news article saying that the registration of an unnamed tax agent was terminated for multiple breaches of the Code of Conduct, which appears in s30-10 of TASA 2009. The Board also imposed a 2 year period during which the Agent could not apply for…
On 7 August 2019, the Tax Practitioners Board uploaded a news article that a Mr Shmuel had his registration as a tax agent terminated, because he failed to meet the fit and proper person’ test. Also, the Board imposed a 12 month period, where he could not re-apply. Further, the AAT upheld the TPB’s decision.…
On 6 August 2019, the Tax Practitioners Board uploaded a news article recording that an unregistered tax agent, who preyed on backpackers, was arrested – for fraud (not being unregistered). See below for further detail. FJM 16.8.19 [Tax Month – August 2019]
On 16 August the ATO announced that it will be visiting about 350 businesses in Darwin and 400 small businesses in Cooktown and Port Douglass to investigate ‘black economy’ activity and educate businesses about how to comply. See below for more detail, including the types of businesses they will visit and the timing of the…
On 16 August 2019, The Taxations Institute’s Senior Tax Counsel: Mr Bob Deutsch, CTA, filed the following report in its TaxVine edition #31. It is entitled: ‘Overseas property investments – understanding the key issues’. See below for further details. FJM 16.8.19 [Tax Month – August 2019]