Re Modini and Tax Practitioners Board – AAT affirms the Board’s decision to reject application for registration as a tax agent (in Tas after 5 rejections in Qld) [89]

In a decision handed down on Tue 6.11.2012, the AAT has rejected an applicant’s application for registration as an individual tax agent. The applicant in this case applied for review of a decision of the Tax Practitioners Board to reject her application for registration as an individual tax agent under the Tax Agent Services Act…

Conflicts of Interest, Offshoring/Outsourcing, Agents’ own compliance & Book-keepers registration – dealt with in Chairman’s address [88]

The Tax Practitioners’ Board (TPB) has advised that it has commenced work on developing 2 draft information sheets. Board Chairman Dale Boucher said the first one deals with managing conflicts of interest and the second one deals with how offshoring and outsourcing of tax agent and BAS agent services interacts with an agent’s obligations under…

IGT to review delayed income tax refunds, super excess contributions tax and data matching [85]

The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Tues 20.11.2012, announced terms of reference for 3 reviews relating to the ATO’s compliance approaches to individual taxpayers. The three areas for review are: The ATO’s income tax refund integrity program – this review will consider the efficiency and transparency of the integrity program and whether…

Greens Bill to peg mining tax rebate on State royalties: Senate Ecomomics Committee report delayed until 21 March 2013 [83]

The due date for the report by the Senate Economics Legislation Committee on the Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012 has been extended to 21 March 2013. The Bill had been introduced into the Senate on 12 September 2012 by the Greens. Its stated purpose is to “protect the revenue generated from the Minerals Resource Rent…

*Bills linking carbon price to the EU passed all stages and await Royal Assent [82]

The package of Bills to, among other things, link Australia’s carbon pricing mechanism to overseas emissions trading schemes from 1 July 2015, and to remove the price floor for carbon units by removing the surrender charge on eligible international emissions units and the requirement for a minimum auction reserve price, have passed all stages and await Assent.…

*APRA final prudential standards for superannuation released – 6 common to other APRA regulated industries and 5 specific to superannuation [81]

APRA has released a response paper and 11 final prudential standards for the superannuation industry. According to APRA, submissions received were unanimously supportive of APRA’s objectives and the broad direction of the draft prudential standards released in April 2012. In addition, APRA said it expects to release a suite of prudential practice guides for consultation…

*Directors’ liabilities for unpaid SGC: ATO reminds directors that they will become personally liable for their companies’ unpaid SGC from 28 Nov [80]

The ATO on Thur 15.11.2012, warned directors that under new laws, they are personally liable for their company’s unpaid super guarantee charge [in certain circumstances]. The new laws took effect on 29 June 2012 and were implemented by the Tax Laws Amendment (2012 Measures No 2) Act 2012. The ATO said companies have 2 weeks…