Copy
Newsletter from the Tax Practitioners Board
Having trouble viewing this email? Click here to view the content online
Issue 51 | February 2021 - Tax (financial) adviser edition
TPB News

Welcome back!

Welcome to our first edition of TPB eNews for 2021! We understand last year was stressful due to the added pressures of COVID-19 and natural disasters, but you were equal to the task. We thank you for your hard work and dedication to your clients and hope you’ve had an opportunity to unwind during the holiday break. This year has presented us with new challenges, but we’re looking forward to continuing to work closely with you to help support the community. One of our key focus areas this year is to work with Treasury to progress a range of reforms to the Tax Agent Services Act 2009 (TASA) and the Tax Agent Services Regulations 2009. As reforms progress, we’ll provide further information and guidance regarding these changes. We’ll also work closely with you and other stakeholders to consult broadly on a range of measures.
 
Learn more

Natural disaster assistance

When disaster strikes, we understand the security and safety of family and property is your main priority. If you or your practice have been impacted by the recent fire disaster in Western Australia, there are ways we can help. When you’re ready, please contact us for assistance. We’ll work with you to resolve any TPB matters or provide extensions on renewals, where necessary. We wish you the best during the recovery period.

Learn more.

What do you think of eNews?

We’d like to hear your feedback on TPB eNews. Your honest answers are very important to us and will help us improve future issues. We want TPB eNews to be a useful resource that you find interesting to read and keeps you up-to-date with all the latest news from us. The survey only takes a few minutes and your responses will be kept confidential.

Take our survey.

We're upgrading!

We’re modernising our systems and refreshing our website to improve your experience with us. Our new Customer Relationship Management system will be a contemporary and integrated system. It will enhance how we conduct our business, respond to our changing environment and support you. Our website refresh will better meet accessibility requirements and improve your online experience with us. There’s more information to come in upcoming editions of TPB eNews so stay tuned!
Legislation

Law changes from 1 January 2021

Certain changes to the TASA have taken effect from 1 January 2021. Some of the areas that have changed include a change in your professional indemnity (PI) insurance when you lodge a renewal and timeframes for lodging your renewal application. Find out how these and other law changes affect you as a registered tax (financial) adviser.
 
Learn more.

Strengthening the financial advice sector

The Government is implementing further reforms to strengthen the financial advice sector and provide consumers with better access to high-quality financial advice. Legislation was introduced on 9 December 2020 to address recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. These reforms:
  • minimise the risk of ongoing fee arrangements for no service
  • ensure financial advisers disclose whether they are independent
  • ensure only fees for one-off financial advice can be deducted out of MySuper accounts.
Learn more.

CPE changes - have your say

We’ve released two exposure drafts for consultation on our continuing professional education (CPE) requirements. Some of the key changes from the current policy include:
  • increasing the minimum number of CPE hours to 120 hours over three years for all tax practitioners
  • allowing some educative health and wellbeing activities to count
  • increasing the minimum CPE hours requirement per year to 20 hours for all tax practitioners.
Have your say by 11 March 2021 by emailing tpbsubmissions@tpb.gov.au

Learn more.
Practice management tips

Free CPE - 17 February webinars!

Gain free CPE by joining us for our webinars on Wednesday 17 February. At 11am AEDT, we’ll take you through some major compliance matters. Find out about the types of cases we investigated, the outcomes, and what you can expect from an investigation. At 4pm AEDT, we’ll run through some important reminders about maintaining your registration. We’ll also share tips to ensure the renewal of your registration is a smooth process.  

Register now.

PI insurance Q&A

We've compiled some answers to some of the more popular questions we received during our webinar Professional indemnity insurance. Questions include:
  • Can I keep all my entities on the same policy?
  • Does my policy need to include cyber insurance?
  • How can I apply for alternative arrangements?
If you don’t know the answers to these questions, find out now!
 
Learn more.

Personal tax obligations video

Watch our video to understand your obligations around your personal tax affairs and what the consequences are if you fail to comply. As a registered tax practitioner, you must ensure your personal tax affairs, including those of your related entities, are in order. You must also disclose any outstanding tax obligations to us in your registration renewal and annual declaration forms. If you don’t, it could be considered a breach of the Code of Professional Conduct.

Watch it now.

Stolen data can cost you  

Break-ins of your practice can result in criminals stealing valuable taxpayer information stored at your premises and attempting tax related fraud. These activities can lead to significant impacts to both your business and that of your clients. Read our tips on reviewing both physical and digital security to minimise the risk of your information being stolen.

Learn more.
Compliance

Criminal tax adviser brought to justice

Kent Scott Hacker has been sentenced to seven and a half months in prison. He, and his related companies, were also fined over $640,000 for multiple offences under the TASA. This saga commenced when the Australian Taxation Office (ATO) raided his offices and found evidence that Mr Hacker had been preparing and lodging tax returns for thousands of taxpayers whilst unregistered with us. We acted swiftly on the information and launched a Federal Court action against Mr Hacker and his two companies.

Learn more.

Look out for fake tax preparers

We all know that unregistered tax preparers pose a threat to taxpayers and damage the reputation of registered tax practitioners. A recent jail sentence of a Victorian man serves as a warning to other unregistered preparers who may attempt to obtain a financial advantage by deception. In this case, we worked closely with the ATO to identify and put a stop to this unregistered preparer.

Learn more.
Twitter Twitter
LinkedIn LinkedIn
YouTube YouTube
Facebook Facebook

About the Tax Practitioners Board
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.
You received this email because you provided your email address when you registered with the TPB or you subscribed on our website.

If you no longer wish to receive TPB eNews, you can unsubscribe unsubscribe from this list