John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

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…

*Div 293 super contributions tax (surcharge on those earning over $300k) – assessments for 2012/13 year to issue in January 2014 [75]

The Tax Office has released its SMSF News (Edition 27) indicating that it will start issuing the first assessments for the new Division 293 tax in January 2014 for individuals above the $300,000 high-income threshold for the 2012-13 financial year. The Tax Office said it will determine who is liable to pay the Div 293 tax by adding…

Accountants providing SMSF advice: SPAA outlines licensing options [74]

Accountants who are thinking about providing SMSF advice should choose the licensing option that best suits their business model, says the SMSF Professionals’ Association of Australia (SPAA). Liz Ward, Head of SPAA’s Education Services, said 1 in 4 accountants who are SPAA members (and not operating under an Australian financial services licence (AFSL)) have decided…

Re KFBC and FCT – Super excess non-concessional contributions tax assessment affirmed on amount withdrawn and re-deposited [71]

A taxpayer has been unsuccessful before the AAT in arguing for relief from the Commissioner’s imposition of excess non-concessional contributions tax. The taxpayer had contributed $430,000 into his super fund account in the 2007-08 financial year. However, in September 2008 and in response to the global financial crisis, the taxpayer withdrew half the money. In September 2009, the taxpayer…