Tread carefully: TPB re-registration is not always a “given”

A tax agent applied to re-register with the Tax Practitioners Board (TPB), mistakenly assuming this was something of a formality, only to find that the board concluded he was not a “fit and proper person” to hold registration. TPB re-registration is not always a “given”

The TPB rightly sticks by its responsibility to see that agents adhere to the professional code of conduct, so tax practitioners need to keep up to date with what is expected of them.

GIC remission or not
Not lodging returns led one taxpayer to have a general interest charge levied against him, which a series of misunderstandings later led him to believe that a lump-sum payment would settle the entire matter. This however did not pan out as expected, with several lessons to be learned about interpreting decisions.

Trust interest: “Fixed” entitlement or not?
A practical compliance guideline only finalised this September outlines the factors the Commissioner will consider when deciding whether to exercise the discretion to treat an interest in the income or capital of a trust as being a fixed entitlement. In practice, it may be difficult for many trusts to satisfy the definition of ‘fixed trust’ unless the Commissioner exercises his discretion to treat the beneficiaries’ interests as fixed entitlements.

Not only, but also…
The above matters are to be dissected during the upcoming Monthly Tax Update for October, to be held on Wednesday October 4 at 11am. This one-hour webinar is hosted by Ken Mansell, who is an expert on tax policy and provides tax and super education for a series of organisations.

Also looked at will be the First Home Super Saver legislation, which has just been tabled in Parliament, and the ATO’s clarification on how your clients can claim the small business income tax offset when they receive business income indirectly from another partnership or trust.

Also revealed is the new Business Services Wage Assessment Tool, as is the workings of the Australian Competent Authority, and the latest actions (and successes) of the Tax Avoidance Taskforce in relation to trusts.

Also touched upon are low income earner clients (they may have to lodge a return regardless), reporting with Single Touch Payroll, ride-sourcing and tax, claiming compensation for ATO systems outages, and PSI-earning clients.

 


The October 2017 Monthly Tax Update
deals with these and many more issues.
The Monthly Tax Update for October is to be held on
Wednesday October 4 at 11am (1 hour).
Click here to book yourself a place.

{Note that after the event is held, recordings of these
Monthy Tax Update webinars are provided as part of Tax & Super Australia’s CPDpro subscription}