ACT: Duty Deferral to be reinstated after changes to retargeting the First Home Owner’s Scheme to new and substantially renovated properties inadvertently disqualified some [81]

The Duties (Duty Deferral) Amendment Bill 2013 (ACT) was introduced into the ACT Legislative Assembly on 8 August 2013. As part of the ACT Government’s housing affordability measures, amendments are being made to the First Home Owner Grant Act 2000 (ACT) which will take effect from 1 September 2013. These amendments will retarget the grant to new and substantially…

TPB says beware of identity theft when approached to lodge income tax returns on behalf of others [80]

The Tax Practitioners Board (TPB) says it has recently investigated a number of cases where tax agents had been approached by third parties advising that they were acting on the authority of a number of taxpayers and the agents subsequently lodged income tax returns containing false payment summaries and other false information. The income tax…

Tax Practitioners Board v Shanahan – Court confirms civil penalties for not being a registered tax agent [78]

The Federal Court has granted an application by the Tax Practitioners Board for the imposition of civil penalties under the Tax Agent Services Act 2009 (TASA), together with declaratory and injunctive relief in respect of numerous contraventions of the TASA alleged against the respondent. The Court noted the parties had agreed to a penalty of…

Tax Practioners Board issues exposure drafts of information sheets relating to 3 items in the ‘Code of Professional Conduct’ for Tax Agents under TASA [77]

The Tax Practitioners’ Board (TPB) has issued for comment the following exposure draft information sheets: Exposure draft TPB (I) D17/2013 (Code of Professional Conduct – reasonable care to ascertain a client’s state of affairs) – This Draft Information sheet provides guidance on the application of Code Item 9. Code Item 9 requires registered agents to…

SMSF update from ASIC: disclosure requirements; ASIC compliance focus [76]

ASIC Commissioner Greg Tanzer on Fri 30.8.2013, provided a regulatory update on ASIC’s work in relation to self-managed superannuation funds (SMSFs) at the Tax Institute’s National Superannuation Conference. Key points include: SMSF advice and additional disclosure requirements – Mr Tanzer said that as part of the next stage of the SMSF taskforce, ASIC will release…