Be cyber aware!
It’s probably no surprise that during tax time, cyber criminals are highly active. Agents of government services like you, have access to personal information on behalf of your clients. This makes you a very attractive target for cyber criminals. If yours or your client’s data is lost or compromised, it can be very difficult and sometimes very costly to recover. Find out what you can do to protect your clients and your business.
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Know your client
Criminals are becoming more sophisticated in committing fraud by stealing the identities of consumers and then posing as them to steal tax refunds and superannuation. If you have a new client requesting your services, make sure you carefully check their proof of identity documents before acting on their behalf. This way, you’ll be complying with the Code of Professional Conduct (Code item 9) by taking reasonable care to ascertain your client’s state of affairs.
Learn more.
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Your personal tax affairs
Are your personal tax affairs up to date? Don’t forget to lodge your tax obligations on time, including any related entities. If you don’t, you risk breaching the Code of Professional Conduct (Code item 2). Make sure you:
- lodge your personal income tax returns on time
- lodge your instalment or business activity statements on time
- pay your tax bill or enter into a payment arrangement with the ATO.
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Unregistered service providers campaign
We’re warning the public about the risk of using an unregistered service provider. Consumers of tax practitioner services risk being exposed to fraud or unexpected tax liabilities and penalties. We’re encouraging consumers to check our TPB Register to make sure they’re using a registered tax practitioner. Our Register also includes more information about tax practitioners, such as detailed reasons for any sanctions and renewal rejections. This enables consumers to be more informed and supports the majority of tax practitioners operating legally and ethically.
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Show your symbol
Display your registered tax practitioner symbol (symbol) to give clients the confidence you are registered and meet the required professional standards. The symbol is free to download and is a great way to promote your services to clients. You can use it on your website, stationery, engagement letters, advertisements, brochures, shopfronts and any other documents you produce. You must include your registration number and type of registration when you display your symbol.
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FASEA Exam and Education extension
A Bill has been passed by the Senate to amend the Corporations Act 2001. The Bill extends transitional timeframes for existing financial advisers to comply with the Financial Adviser Standards and Ethics Authority’s (FASEA) Education and training standards. This means existing financial advisers have until 1 January 2022 to pass the exam to meet the higher Education Standards and 1 January 2026 to meet the Education requirements.
Learn more.
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COVID-19 CPD relief
To assist financial advisers meet their continuing professional development (CPD) requirements during this COVID-19 impacted year, FASEA has granted an additional three months to meet the 40 hour CPD requirement. This is a one-off recognition of the difficulties faced by advisers this year. You will be required to complete 40 hours of CPD in 12 months in future years and will not be able to double count hours across the years.
Learn more.
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Mental health matters
During this busy and uncertain time, we understand you may feel overwhelmed, anxious and stressed. Your mental health is important and we encourage you to practice self-care. If you’re struggling, seek professional help. Beyond Blue have some great services and are currently offering a dedicated COVID-19 Support Service. This service offers free counselling by mental health professionals for all people in Australia 24 hours a day, seven days a week, both online and over the phone.
Learn more.
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Be social!
Stay in touch with us! You can follow us on our Facebook, LinkedIn and Twitter. ‘Like’ our pages to keep up-to-date with all our latest news and events. You can also find us on and YouTube where we have a comprehensive library of webinar recordings. You can view the recording and claim free continuing professional education/development. Choose your favourite way to connect with us, so you don’t miss out on important updates.
Learn more.
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