Registration requirements for tax (financial) advisers – draft regs released [81]

The Government has released the Draft Tax Agent Services Amendment (Tax (Financial) Advisers) Regulation 2014 to amend the Tax Agent Services Regulations 2009 which prescribe a tailored set of ongoing registration requirements for tax (financial) advisers, as well as a number of other related amendments. At the same time, the Government has taken this opportunity…

‘Tax (financial) advisers’ may register with the TPB (by notifying) between 1 July 2014 to 31 December 2015 or provide a disclaimer [80]

The Tax Practitioners Board (TPB) has reminded financial advisers who provide tax advice that they can notify the Board to be registered as tax (financial) advisers from next month. The TPB said the notification period begins on 1 July 2014 and ends on 31 December 2015. During this notification period, Australian financial services (AFS) licensees and their authorised representatives…

*Large business and high wealth individual tax disputes: IGT review [77]

The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Thur 19.6.2014, commenced a review into the ATO’s management of tax disputes involving large businesses and high wealth individuals (HWIs). Mr Noroozi said on 2 June 2014, the Acting Assistant Treasurer, Senator Mathias Cormann, referred an inquiry into tax disputes to the House of Reps Standing Committee on…

ANAO releases report on audit of agencies’ ICT systems to prevent cyber attacks [79]

The ANAO on Tue 24.6.2014, released its report No 50 of 2013-14 Cyber Attacks: Securing Agencies’ ICT Systems. Agencies included in the audit included the ATO, ABS, Customs, and the Australian Financial Security Authority. The report found the agencies subject to audit had established internal information security frameworks, implemented controls designed to safeguard the enterprise…

*Transfer pricing report by IGoT released by Minister – ATO management of these issues criticised [74]

The Government on Mon 2.6.2014, released the Inspector-General of Taxation’s (IGT) report into the ATO’s management of transfer pricing matters. The report was presented to the Assistant Treasurer in December 2013. The review found that key causes of stakeholder concerns were inadequate succession planning and resource management. Mr Noroozi reported that experience specialist officers had left the…

ATO risk identification re high wealth individuals can be improved: ANAO [75]

The Australian National Audit Office’s Report No 35 assessing the effectiveness of the ATO’s activities to promote tax compliance by high wealth individuals (HWIs) was tabled in Parliament on Wed 4.6.2014. The ATO defines HWIs as Australian resident individuals who, together with their associates, effectively control an estimated net wealth of $30m or more. The…

Measuring effectiveness of ATO compliance activities can be improved: ANAO review [76]

The Australian National Audit Office (ANAO) on Thur 12.6.2014, released Audit Report No 39 Compliance Effectiveness Methodology. The review examined the application of the ATO’s Compliance Effectiveness Methodology (CEM) in evaluating the effectiveness of key compliance activities and in shaping the development of strategies to promote voluntary compliance. The review found the ATO applied generally…

ACNC repeal Bill should be passed on recommendation of Senate committee divided along party lines [72]

The Senate Economics Legislation Committee on Mon 16.6.2014, tabled its report on the Australian Charities and Not-for-profits Commission (Repeal) (No 1) Bill 2014. The Bill, which is still before the House of Reps, proposes to repeal the Australian Charities and Not-for-profits Commission Act 2012, thereby abolishing the Australian Charities and Not-for-profits Commission (the ACNC). The…

*ACNC reminders for charities – lodge their 2013 Annual Information Statement by 30.6.14 or risk removal from register and loss of tax exemption [73]

The Australian Charities and Not-for-profits Commission (ACNC) has reminded charities of the 30 June 2014 deadline for lodging their 2013 Annual Information Statement. The ACNC warned it is a legal requirement that all registered charities submit an annual statement. Details of how to lodge the 2013 Annual Information Statement can found at acnc.gov.au/2013AIS or contact the ACNC…