As New South Wales grapple with the latest COVID-19 outbreak we want to offer our support to tax practitioners facing personal and professional challenges. These situations can be difficult to navigate and we encourage anyone who needs assistance or is impacted by this recent outbreak to contact us. As you may know, we have taken temporary measures in revising some of our policies and are providing additional support. We’ll work with you to make appropriate arrangements to resolve any TPB matters.
Are you a new tax or BAS agent who has registered with us in the last six months? If so, we’d like to hear your views on the education requirements you had to meet to register with us through a short survey. The survey takes less than 2 minutes to complete and will help inform a review of the education requirements. Responses are anonymous and you don’t need to provide personal information.
The Government agreed to introduce a single disciplinary body for financial advisers following a review of the current systems and a recommendation by the Financial Services Royal Commission. The Bill proposes that tax (financial) advisers will no longer be regulated by us but instead will be regulated only under the Corporations Act 2001. This is consistent with the recommendation made by the Tax Practitioners Board Review. If you have a question about the single disciplinary body, check out our frequently asked questions page.
Our supervisory arrangements draft guidance is now closed for comment. We appreciate you taking the time to offer your valuable feedback. Your input is being considered before we settle on our position and finalise the information sheet. Keep an eye on our future editions of eNews for more information.
Join us on 21 July and claim free continuing professional education (CPE). If you have questions about your obligations as a tax practitioner including registration, compliance, policy, and IT, then come along to our webinar, Questions at the Coalface. You can ask our Directors and have your questions answered straight away. You may also like to attend our Dealing with client money webinar hosted by Board member, Greg Lewis, to get a refresher on dealing with client money this tax time.
Did you know that if you forget your TPB password or username you can reset it quickly and safely via My Profile? Simply click on My Profile then select the 'Forgot Username' or 'Forgot Password' link and follow the prompts. No need to wait on hold – get back to work fast!
To keep your registration with us, it’s essential to notify us when your contact details or circumstances change. Under the Code of Professional Conduct (Code) you must advise us within 30 days of any change that impacts your registration. This includes changes to your professional indemnity (PI) insurance details. Changes can be notified via My Profile or by using one of our online forms. If you need help, our PI insurance video will guide you through the process.
Don’t forget your personal tax obligations this tax time
We know this is a busy time for tax practitioners, but don’t overlook your personal tax obligations. It’s important to remember that apart from your Code obligations, you are also a taxpayer with a legal requirement to lodge on time. You also play a critical role in influencing and supporting the tax system, so make sure your obligations and those of any related entity are up to date.
At our recent proof of identity (POI) webinar, we discussed the draft guidance on POI and what this may mean for you going forward. Attendees enjoyed a robust discussion with us and the ATO on topics such as verification methods, POI requirements for new and existing clients, identifying clients remotely, record keeping requirements and more. If you didn’t join our discussion, check out the frequently asked questions.
Investigation and exploration of undisputed tax debts in Australia
The Inspector-General and Taxation Ombudsman, Karen Payne has published a report of her office’s Investigation and Exploration of Undisputed Tax Debts in Australia. The report analyses data supplied by the ATO relating to undisputed tax debts (and changes in these debts) over the past several years, commencing in financial year 2016 and ending in financial year 2020. The report will provide you with a detailed understanding of where tax debts are accruing in the tax system and occurring in the economy.
The ATO has launched its Tax Time 2021 video series for Tax professionals. Assistant Commissioner, Sylvia Gallagher provides valuable information to help tax professionals prepare for tax time. The videos include information on capital gains tax, loss carry back, the Tax time toolkits, the Investor toolkit, working from home expenses and much more! To stay up to date on the latest news, you may like to subscribe to the weekly Tax professionals newsletter.
The Inspector-General of Taxation and Taxation Ombudsman (IGTO) has published a paper which examines when a taxpayer has a right to receive reasons from the Commissioner of Taxation. The paper was developed as part of the IGTO’s current investigation into the effectiveness of ATO communications of taxpayers’ rights to complain, review and appeal.
Nathan Williams had his tax agent registration terminated due to serious misconduct. Following information provided by the ATO and further enquiries by our investigators, we commenced proceedings in the Federal Court of Australia. We alleged that despite no longer being a registered tax agent, Mr Williams continued to operate using his clients’ myGov accounts. The Court issued an interim injunction, preventing him from lodging any further tax returns. He faces the risk of imprisonment if he breaches the terms of this order.
Ransomware is a type of malicious software (malware) and is one of the most damaging types of cyber-attacks which can have severe and long-lasting impacts. When Ransomware gets into your device, it makes your computer or its files unusable. Cybercriminals use ransomware to deny you access to your files or devices and demand you pay them to get back your access. It is vital to back up your data and put effective cyber security practices in place.
The Tax Practitioners Board (TPB) was established to regulate tax practitioners in order to protect consumers. The TPB assures the community that tax practitioners meet the appropriate standards of professional and ethical conduct.
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