TPB bans agent for sustained and systemic SMSF Auditor Registration misuse – saying 170 funds were audited (when they were not)

On 16 July 2020, the Tax Practitioners Board issued a media release saying it had struck off a tax agent who¬†lodged more than 170 returns for self-managed superannuation fund (SMSF) clients, where he claimed the funds had been independently audited, but the investigation found no audit had been conducted. See below for details. [Tax Month…

2020 Income Tax Returns – record number lodged and $1b refunded in first 2 weeks; three main 2020 lodgement issues to date; Working from home shortcut extended

On 16 July 2020, the ATO posted an article advising that record numbers of returns have been lodged in the first 2 weeks after the end of the 2019-20 financial year, $1b of refunds have issued; the three main 2020 lodgement issues arising to date and a reminder that the ‘working from home shortcut’ has…

The Treasurer’s ‘Economic Statement’ on 23.7.20; JobKeeper finishing in Childcare; extending JobKeeper especially in Victoria; Tax measures to boost the economy

In The Tax Institute’s weekly newsletter: TaxVine No. 27 (17.7.20) their Senior Advocate, Robyn Jacobson CTA considered the exit of the childcare sector from JobKeeper on 20 July as a prelude to all businesses losing JobKeeper support (subject to any continuation in part or whole which may be announced by the Government soon) and their…

COVID-Victoria – can you see your tax adviser and vice-versa (the impact of the ‘lockdown’ on tax practice)

Melbourne has gone into ‘Stage 3’ lockdown, after Wed 8.7.20, affecting tax practice, for both practitioners and clients. The Tax Institute is the peak tax professionals group in Australia and has turned its attention to the impact of the COVID-19 lockdown, on Wed 15.7.20, when it sent an email, to its members, addressing these issues,…