Category Archives: Tax Month – July 2014

*When ‘payroll service providers’ need to register as a ‘tax agent’ or ‘BAS agent’: TPB draft information sheet released [59]

The Tax Practitioners Board (TPB) has released an exposure draft of an information sheet, TPB(I) D22/2014 (Payroll service providers), designed to assist payroll service providers better understand the tax agent services regime. The draft outlines the: circumstances where a payroll service provider may need to register as a tax agent or BAS agent; circumstances where they do…

Re Harris and FCT – Tax agent found to be fit and proper person [60]

The AAT has found that a tax agent was a fit and proper person to continue to be registered as an agent, despite the Tax Practitioners Board finding otherwise. The applicant had been a registered tax agent since 1984, first under the now repealed provisions in the ITAA 1936 and then under the Tax Agent…

*Tax penalty regime can be improved: IGT report released [55]

The Government Tue 8.7.2014, released the Inspector-General of Taxation’s report into the ATO’s administration of penalties. According to the IGT, “the objective of the penalties regime to foster ‘voluntary compliance’ may be hindered by a lack of sufficient differentiation between a range of taxpayer behaviours, the inability to receive interest on money paid for unsustained penalties and…

Tax (financial) advisers: registration requirements – regs finalized [57]

The Tax Agent Services Amendment (Tax (Financial) Advisers) Regulation 2014 was registered on Wed 23.7.2014, to amend the Tax Agent Services Regulations 2009 to bring financial planners within the regime administered by the Tax Practitioners Board (TPB). The Regulation does this by prescribing a tailored set of ongoing registration requirements for ‘tax (financial) advisers’, as…

*Tax (financial) advisers: Tax Board policy documents finalised [56]

The Tax Practitioners Board (TPB) has finalised a number of key documents that contain important information for tax (financial) advisers. These include: TPB(I)20/2014 What is a tax (financial) advice service? TPB(EP) 05/2014 professional indemnity insurance policy requirements for tax (financial) advisers; and TPB(EP) 06/2014 continuing professional education policy requirements for tax (financial) advisers. From 1 July 2014,…

Government will not remove tax cuts associated with mining tax repeal [52]

Late this Fri 18.7.2014, the Government released updated costings for the repeal of the mining tax and all its associated measures over the current forward estimates. It said that “by voting to keep many of the associated spending measures, Senators have effectively voted to keep the mining tax.” The Government said it “will not accept…

*Review of TOFA regime – Survey of Compliance Costs to be completed by 18 July 2014 [54]

In a press release dated 14 December 2013, the then Assistant Treasurer stated that a review of the Taxation of Financial Arrangements (TOFA) regime in the ITAA 1997 would be conducted by Treasury in the second half of 2014. The Board of Taxation is currently providing input into this process from a Ministerial Advisory Council perspective and…

*ACNC replacement – options paper released [53]

The Department of Social Services (DSS) has released an Options Paper, Australia’s Charities and Not-for-profits to seek feedback from charities and interested parties on the proposed replacement options for the Australian Charities and Not-for-profits Commission (ACNC). The Government intends that regulatory functions previously transferred to the ACNC from the ATO and ASIC will return to…

*Carbon tax repeal Bills – finally repealed [50]

The Government on Mon 14.7.2014, re-introduced a package of 8 Bills in the House of Reps to repeal the carbon tax. The Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2014; Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Bill 2014; Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment…

*Carbon tax repeal Bills defeated in the Senate, but Govt will re-introduce next week [49]

The package of carbon tax repeal Bills was defeated in the Senate Thur 10.7.2014. The vote was 37:35 against. The Bills defeated today were: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 [No 2]. True-up Shortfall Levy (General) (Carbon Tax Repeal) Bill 2013 [No 2]. True-up Shortfall Levy (Excise) (Carbon Tax Repeal) Bill 2013 [No…