Last month I reported that an accountant had admitted submitting false invoices, and awaited sentencing. On 5 March 2020, the wash up of this became known and was reported in the Australian Financial Review, by Lisa Main (one of their reporters) under the heading: Ex-NewSat CEO convicted for $357,500 in fake invoices. The gist of this…
The IRS (USA) has reported that arrests have been made in relation to 2 investigations into money laundering using cryptocurrencies as part of operational activities by the “Joint Chiefs of Global Tax Enforcement”, known as the “J5” (Australia, UK, US, Canada and the Netherlands). See below for further details from media releases. [Tax Month –…
On 19 February 2020, the Tax Practitioners Board (TPB) issued a Discussion Paper seeking feed back, by 18 March 2020, on its proposals to change the ‘continuing professional education’ (CPE) tax agents and BAS agents (amongst others) including a proposal to increase the number of hours required, by over 30%. See below for further detail.…
On 14 February 2020, Mr Jason Dermot Cullen, pleaded guilty in the County Court of Victoria to two counts of authorising the making of a false or misleading document required by or for the purposes of the Corporations Act. See below for the Media Release. [Tax Month – February 2020]
On 17 February 2020, the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received Royal Assent as Act No 6 of 2020 (Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020). The Bill had been introduced into Parliament on 27.11.19 (see related TT article). See below for a summary of the amendments it makes. [Tax Month…
The High Court has refused the taxpayer’s application for special leave to appeal from the decision of the Full Federal Court decision in Burton v CofT [2019] FCAFC 141. See below for further details. [Tax Month – February 2020]
Russell Kennedy Lawyers say that it is ‘Now is the time to review your discretionary trusts’. From 1 March 2020, you’ll need to have a clause, in your trust deed, excluding foreign beneficiaries. See below for an explanation as to why. [Tax Month – February 2020]
On 14 February 2020, the Tax Institute’s Senior Tax Counsel: Bob Deutsch, wrote his weekly Report in TaxVine (No5), titled: GST anniversary: a time to celebrate? See below for the details. [Tax Month – February 2020]
On 11 February 2020, the AAT upheld the Commissioner’s decision refusing to revoke a ‘Departure Prohibition Order’ (DPO) imposed because he was assessed to tax resulting in $36m in tax liabilities, related to Mr Oswal, who departed from Australia, with substantial funds shortly before an ammonia plant, he ran, collapsed in Western Australia. See below…
The Victorian Supreme Court Court of Appeal had overturned the taxpayer’s win at first instance, and the High Court has refused the taxpayer’s application for special leave to appeal in Comr of State Revenue v The Optical Superstore Pty Ltd : [2019] VSCA 197. See below for further detail. [Tax Month – February 2020]