Your feedback on TPB eNews

In our last edition, we included a reader survey to help us to better understand and meet your needs. To all who completed the survey – thank you! Your feedback is important to us. As you’ve told us you want to receive TPB eNews every month, that starts happening from this issue. Of the other key findings from survey respondents:

• 77% read most editions
• 80% find the articles relevant
• 88% are satisfied with TPB eNews
• 97% find the content informative.

Be social

It’s now easier to stay in touch with us! You can follow us on our new Facebook page. ‘Like’ our page to keep up-to-date with all our latest news and events – you’ll never miss a funny cat meme again. You can also find us on LinkedIn, Twitter and YouTube. Choose your favourite way to connect with us, so you don’t miss out on important updates.
 

72-hour complaint resolution process

We’ve heard what you had to say about our 72-hour complaint resolution process and have put the program on-hold. Under our existing process, we’ll continue to encourage complainants to resolve complaints directly with their tax practitioner in the first instance. Where required, we will continue to engage the practitioner and the complainant to assist in working through the specifics of the complaint.

Read more about complaints.

Bankrupt tax agent has registration terminated

On 9 May we terminated Mr Peter Moltoni’s tax agent registration and banned him from re-applying for the maximum five years. We investigated Mr Moltoni following an Australian Taxation Office (ATO) audit which resulted in amendments of over $33 million against him. As a result, he became bankrupt with debts exceeding $36 million. Mr Moltoni failed to disclose these events to the Board, in breach of the requirements of the Tax Agent Services Act 2009 (TASA).

Read our media release.

AAT rejects application for stay of TPB decision

Tax (financial) adviser, Mr Neil Evans’ application for a stay of our decision to terminate his registration was rejected by the Administrative Appeals Tribunal (AAT) on 21 June. We terminated his registration after he ceased to be a fit and proper person. Mr Evans had plead guilty to contravening the Crimes Act 1958 and did not disclose that he was subject to an Australian Securities & Investments Commission (ASIC) investigation. ASIC also permanently banned him from providing financial services.

Read more.

Debt and lodgement strategy update

We require all tax practitioners to take urgent action to settle overdue personal tax obligations. It’s important to rectify all overdue lodgements and pay outstanding tax debts or enter into an approved payment arrangement with the ATO. We’ve commenced investigating the most serious cases where tax practitioners have failed to resolve their overdue tax obligations. The majority of these have resulted in the practitioner’s registration being terminated – many with a five-year exclusion period applied.

Read more about your obligations.

Using an unregistered agent is a big risk

As tax-time begins we’re warning the public about the risk of using unregistered tax agents. It follows recent cases of unregistered agents posing as legitimate registered tax practitioners. We take this matter very seriously and are currently investigating 37 cases in relation to unlawful activities of unregistered agents. We are advising consumers that it could cost them thousands of dollars in tax bills and penalties – if it sounds too good to be true, it probably is!

Don’t ignore your annual declaration

Did you know failure to submit your annual declaration on time means you’re failing to respond to a direction from the Board? This is a breach of the Code and has serious consequences. Six practitioners who failed to lodge annual declarations in April have been issued written cautions, orders to lodge, and had their registrations suspended for three months. You must comply with your annual declaration requirements – it’s a simple online process with no payment required.

Read our media release.

Protect your identity

Next time you lodge your annual declaration we’ll ask you to complete a proof of identity (POI) check. You can use a range of identity documents – just make sure they are valid and enter the details exactly as they appear on the documents. Also, ensure your legal name on your documents is exactly the same as the name you used to register with us. This one-off process helps protect your identity and aligns us with Australian Government standards.
 
Learn more.

New arrangements for whistleblowers

New arrangements to better protect individuals who disclose information on tax avoidance behaviour and other tax issues commenced on 1 July 2019. The new legislation provides tax practitioners with the ability to disclose information on unlawful clients to relevant authorities, such as the Commissioner of Taxation, without fear of breaching the confidentiality requirements in the TASA. 

Review of the TASA and TPB update

A number of submissions on the Review of the TASA and the TPB were received and 30 non-confidential submissions have been published on the Treasury website. Some of the key themes raised in the submissions include: the TPB’s independence; funding; regulatory overlap; and improving visibility. Review Chair, Keith James, is expected to release a Discussion Paper, in July based on the feedback and submissions received in response to the terms of reference and has welcomed further submissions from the public.

Education pathways

Do you meet the Financial Adviser Standards and Ethics Authority’s (FASEA) education standards? FASEA has released the Education Pathways Tool to assist you in determining the education required to ensure you meet their education standard within the required timeframes. The tool provides new and existing financial advisers with feedback on their education pathway based on information entered into the tool. It incorporates FASEA’s approved degrees, relevant degree definition and approved recognition of prior learning. 
 
Check your pathway.

FASEA approves diplomas and bridging courses

FASEA has approved the first round of Graduate Diplomas and Bridging Courses from select Higher Education Providers. This forms part of FASEA’s education standard for financial advisers. The release of the list gives existing financial advisers a clear pathway to meet the education standard by 1 January 2024.
 
Review the approved courses.