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Recent TPB wins: A reminder that supervision of staff is key
The Tax Practitioners Board (TPB) has dramatically increased its investigation of tax agents who are not complying with their tax agent obligations. This is the result of intensive auditing of a tax agent and their business by the ATO who refer non-complying tax agents to the TPB for investigation.
The ultimate sanction by the TPB is for a tax agent’s (and their company tax agent) registration, is to be suspended for a period of up to five years.
Issues
The type of[...]
Tax Advice
Tax: employee or contractor?
It is critical you correctly classify a worker as either an ‘employee’ or a ‘contractor’. If your worker is in fact an employee there are significant […][...]
Superannuation
SMSF: co-trustee not acting properly? Take action immediately
Superannuation legislation does not deal with the situation of one trustee behaving improperly in relation to their Self Managed Super Fund (SMSF) obligations and the other […][...]
Superannuation
Superannuation: SMSF – LRBAs – Non-arm’s length income
One of the benefits of a Self-Managed Superannuation Fund (SMSF) is the 15% tax rate. However if income is ‘non-arm’s length’, the income will be subject to […][...]
Superannuation
Superannuation: SMSF illegal early access
A recent AAT decision has found that taxpayers who acted on the advice on the agent and entered into a loan arrangement using their SMSF funds had early accessed their benefits and were therefore assessable on those benefits at the time that they were initially released. The arrangement was a sham even though the taxpayers did not have the necessary intent to enter into a sham arrangement. The agent was aware it was a sham and the agent's intention was the applicable one.[...]
Tax Debt
Taxation problems with the ATO? Good news
Led by Commissioner Chris Jordan the Australian Taxation Office (ATO) is adopting a more conciliatory approach in negotiating settlements with taxpayers who have tax debt in […][...]
Tax Audit
Florists – don’t get caught out by the Tax Office
Did you know that the Australian Taxation Office (ATO) uses what is called a “benchmark” when deciding whether or not to audit a business. ATO computers […][...]
