The Tax Practitioners Board (TPB) on Fri 7.3.2014, released for comment Exposure Draft Information Sheet TPB(I)D20/2014 (What is a tax (financial) advice service?). From 1 July 2014, entities that provide tax (financial) advice services for a fee or other reward may start registering with the TPB. The Draft Information Sheet aims to assist entities to determine if they are…
An applicant has been unsuccessful before the AAT in seeking to overturn the decision of the Tax Practitioners Board (TPB) refusing his application to be registered as a tax agent. The applicant provided he would be content for his registration to be made conditional upon him being permitted only to prepare individual tax returns, including…
The AAT has affirmed a decision of the Tax Practitioners Board (TPB) to not renew the registration of a tax agent on the basis that he was not a “fit and proper” person for the purposes of the Tax Agent Services Act 2009. The applicant had been a registered agent since 1988, and following complaints…
The AAT has made an order staying a decision not to renew a tax agent’s registration. In December 2013, the Tax Practitioners Board (TPB) decided not to renew the applicant’s registration as a tax agent on the basis that she was not considered to be a “fit and proper person”. This was based on ATO audits in…
The Board of Taxation on Tue 25.3.2014 (also), released for comment a discussion paper on the debt/equity rules. The Board noted that it had been asked to undertake a post-implementation review of the rules including whether there can be improved arrangements within the Australian tax system to address any inconsistencies between Australia’s and other jurisdictions’…
The Board of Taxation Tue 25.3.2014, released for comment a second discussion paper raising issues in accordance with the extended terms of reference given for the post-implementation review of Div 7A of Pt III of the ITAA 1936. The paper supplements the first discussion paper released in December 2012. The Board has made some preliminary observations in relation…
Treasury on Wed 12.3.2014, released for comment draft legislation and draft regulations to implement the 2009-10 Budget proposal to re-state and centralise the special conditions for tax concession entities. In December 2013, the Government had announced that it would proceed with the proposal. The changes propose to: re-state the “in Australia” special conditions for income tax exempt…
The Social Services and Other Legislation Amendment Bill 2013 was passed by the Senate on Wed 5.3.2014, with Govt and Opposition amendments and now must go back to the House of Reps for consideration of those amendments. The amendments concern, among other things, the commencement of measures in the Bill regarding FTB and eligibility rules,…
The Australian Charities and Not-for-profits Commission (ACNC) is calling on charities to share their experience of red tape in the sector through an online survey. The survey is conducted by Ernst and Young and is part of a wider research project to measure the baseline of red tape imposed on the sector. Specifically, the survey…
The Australian Charities and Not-for-profits Commission (Repeal) (No 1) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to repeal the Australian Charities and Not-for-profits Commission Act 2012, thereby abolishing the Commission. The Government said that, given the regulators in place before the Commission was established can provide similar regulatory…
