More than 400 Australians have been named in a massive leak of offshore company and banking details which has revealed secret investments, real estate deals and artworks of celebrities, politicians and business figures who control more than $1 trillion in assets (see related TT article). The documents – the largest leak of offshore files in history…
On Monday morning (4.10.21), 14 heads of state, 21 former heads of state and more than 130 billionaires woke to a shock. Their offshore banking affairs – usually extremely private – were suddenly public and would dominate global news headlines for days. They had fallen foul of the Pandora Papers, the largest leak of documents ever…
T a x T e c h n i c a l – M o n t h l y N e w s – September 2021 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ …
T a x T e c h n i c a l – M o n t h l y N e w s – October 2021 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ …
The Government has registered the Taxation Administration Amendment (Updating the List of Exchange of Information Countries No 2) Regulations 2021. The Regulations amend s 34 of the Taxation Administration Regulations 2017 to add Armenia, Cabo Verde, Kenya, Mongolia, Montenegro, and Oman to the list of information exchange countries for the purposes of s12-385(4) of the TAA53 (about withholding by…
Draft Practice Statement PS LA 2021/D2 issued on Thursday 30.9.2021 – it guides ATO staff on how to apply or remit administrative penalties for offences relating to electronic sales suppression tools (ESSTs). These offences include manufacturing, supplying or possessing ESSTs, or incorrectly keeping or making tax records using an ESST. Administrative penalties may be imposed by the…
The TPB, on 9 September 2021 issued a media release about a Victorian tax agent who had his registration terminated and was banned for the maximum five years. The tax agent allegedly asked his employee to complete written assessments so he could dishonestly satisfy the qualifications required for registration in 2020 and then followed up with a string of…
In a joint release on Wed 1.9.2021, the TPB and the Professional Standards Councils (the “Councils”) announced the signing of a Memorandum of Understanding (MOU) between the parties. The MOU is said to support the efforts of the Councils and TPB to work together to ensure services are delivered to consumers by competent and ethical…
On 27 Sept 2021, APRA has published a set of additional FAQs on the reporting standards for Phase 1 of the Superannuation Data Transformation project. This update includes the staged implementation approach, including an extension to the timeframe for the initial submission of data due by 30 September 2021 to due by 28 October 2021. [LTN 187, 28.9.21] The questions are designed…
The SMSF Association has urged caution on introducing a 20% threshold for auditor referral fees as part of the proposed amendments to the fee-related provisions of APES 110 Code of Ethics for Professional Accountants. SMSF Association CEO, John Maroney, said the proposed introduction of a 20% threshold for auditor referral fees will become a dominant focus…