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  1. Tax an election hot topic, says accounting body

    licence to be bold when it comes to tax reform. A tax system built on simplicity and equity should be our collective goal.” Last week, the Tax Institute said the next 12 months is “going to be a big year in tax”. The Tax Institute’s senior tax counsel,...

  2. Tax agents, auditors targeted in SMSF non-lodgment crackdown

    be dealing with around 39,000 SMSFs in relation to non-lodgment issues. The ATO undertook a review of persistent non-lodgers last year, identifying around 49,000 funds who had two or more years of outstanding returns. “By July this year, we had worked...

  3. Tax agents smash deadline despite last-minute scramble

    The ATO revealed lodgement figures for SMSF annual returns were ahead of market expectations, after one of the busiest and most complex deadlines for high-net worth clients since the Howard and Costello era. ATO assistant commissioner Tara McLachlan...

  4. Tax agents raise concerns about ATO’s ‘disastrous’ rental income letters

    what ramifications communications like this can have, especially when they are completely wrong. The ATO issued a warning last year that it would be expanding its data-matching compliance program for rental properties as part of a crackdown on taxpayers...

  5. Tax agents hit with ‘petty’ ATO list of old debts as little as 4c

    off, say frustrated tax agents alarmed at the amount of extra work it has created. In a letter to some 28,000 tax agents last week, the ATO said it would offset clients’ tax refunds or credits against debts on hold that had been written off as...

  6. Tax agents found to be misusing auditor numbers

    superannuation partner with accounting and advisory network BDO. Addressing CPA Australia’s SMSF conference in Sydney last week, Ms Schaefer said 50 per cent of the auditors reported being supplied with inaccurate information about the audits they were...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Tax

  7. Tax agents defy industry gloom

    is all despite an estimated 500,000 taxpayers being removed from the tax system since the increase in the tax-free threshold last year, the accounting network said. Regional director of H&R Block, Mr Frank Brass, said “There is no doubt the message is...

    • Type: Article
    • Author: Staff Reporter
    • Category: Tax

  8. Tax agents circled in ATO audit swoop

    also identified a further 230 SMSFs that the ATO is interested in, Ms Fleming told delegates at the SMSF Summit in Adelaide. Last year, the ATO referred five tax agents to the Tax Practitioners’ Board for this practice, she said. “We will of course take...

  9. Tax agents called on to correct investors, salary earners' slip-ups

    nexus of the claims; and claiming only work-related expenses and correctly apportioning claims between private and work use. Last week, the ATO released its Individuals not in business tax gap report, finding that 72 per cent of the 868 cases in its...

  10. Tax agents are not ‘abusers’ of the tax system, says association

    work-related expenses, arguing that practitioners are doing their best to navigate an increasingly complex tax system. Last week, TPB chair Ian Klug revealed plans to target 2,000 “highest risk practitioners”, after its analysis showed that they were...

  11. Tax agents and clients disagree over business practices: FBT review

    compliance costs, despite employers suggesting the contrary, preliminary results from the Board of Taxation’s review show. Last year, the Board of Taxation commenced its review of the compliance costs associated with fringe benefits tax, with an aim of...

  12. Tax agent, taxpayers guilty of tax crimes in second half of 2018

    The Tax Office’s investigations around serious tax crimes in the second half of last year found 17 individuals guilty of fraud or tax evasion. Between July and December 2018, the ATO’s tax crime investigations identified 17 individuals, including a...

  13. Tax agent, former mayor sentenced after ATO probe

    service work, and supervision by a community corrections officer. The verdict follows the sentencing of another tax agent last week. Salvatore Arcuri was found attempting to lodge two tax returns to his own name, and was sentenced to 18 months with a...

  14. Tax agent, BAS agent rego terminations spike amid expenses crackdown

    compliance work for the 2017-18 period resulted in a total number of 287 sanctions, including 24 terminations, up from 17 last year. According to the TPB’s annual report, the sanctions included 81 impositions of order and 182 written cautions. Of the...

  15. Tax agent rego suspended after $100k shortfall detected

    compliance work for the 2017-18 period resulted in a total number of 287 sanctions, including 24 terminations, up from 17 last year. According to the TPB’s annual report, the sanctions included 81 impositions of order and 182 written cautions. “The...

  16. Tax agent knocked back, follows CAANZ, court findings

    fitness and propriety,” he said. Tax agent registration has been the subject of the TPB’s regulatory activity this and last financial year. Though tax and BAS agents are like are largely compliant, there have been some problem cases which have prompted...

  17. Tax agent found guilty of TASA breach

    (TASA) by recklessly making statements to the commissioner of taxation that were false, incorrect or misleading. The Court last week declared that between August and September 2011, Cheng Cheng Li of Sydney, a registered tax agent, prepared and lodged...

    • Type: Article
    • Author: Michael Masterman
    • Category: Tax

  18. Tax agent fined for 'reckless' conduct

    the increase and to ensure they are wary when taking on new clients. “This is the second similar case in the courts in the last two weeks. Now, more than ever, agents need to be vigilant when taking on new clients. “As you can see from this case, there...

    • Type: Article
    • Author: Michael Masterman
    • Category: Tax

  19. Tax agent conduct findings released for first half of 2018

    been the ongoing focus of the ATO’s tax time crackdown this year. In contrast, the ATO’s individual tax gap report released last week suggests that tax agents are contributing to the $8.7 billion tax gap, with 78 per cent of agent-prepared tax returns...

  20. Tax agent claims family pet as guard dog, gets booted by TPB

    subsection 30-10(7) (tax agent services are provided competently) as a result of the ATO’s crackdown on the expenses front. Last year, the TPB’s compliance work for the 2017–18 period resulted in a total number of 287 sanctions, including 24...

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