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BAS AGENTS ARE TAX PRACTITIONERS

Wednesday, 11 April 2018

It can sometimes be a little confusing when reading correspondence from our industry regulators, such as the Tax Practitioners Board (TPB) or the Australian Taxation Office (ATO), as to whether certain titles apply to registered BAS Agents.  In order to provide some clarity, AAT approached the Chairman of the TPB, Mr Ian Taylor about exactly who is who in the zoo.

 

There’s been a lot of buzz lately surrounding the launch of the New Payments Platform. In mid-February this year, the New Payments Platform guided by the Reserve Bank was launched in Australia.

 

Individuals and businesses are now able to create a ‘PayID’, changing the way transfers are able to be made by moving funds instantly into other accounts. The new system enables instant transfers between accounts outside of business hours and on weekends too.

 

Following up on the AATA treasurer James Pisano’s article in last months’ AATA newsletter, I recently had a very relevant conversation with a member at a discussion group.  This member received an email that, for all intent and purpose, was from her client requesting urgent payment of a sizeable bill to a new supplier.  The email requested the bookkeepers’ immediate attention to the invoice payment, claiming he had forgotten to provide the invoice earlier.  The email was a scam.  On this occasion, the request seemed unusual and the bookkeeper asked further direct questions of the business owner to find out it was fake.

 

PwC was appointed the Skills Service Organisation (SSO) for the Financial Services Training Packages in 2016 and was tasked with building and strengthening qualifications across the sector in consultation with industry.  Consequently, a full review of all Financial Services related qualifications was undertaken in late 2016 and through to 2017, including qualifications and skill gap requirements for bookkeepers and accountants.

 

As a significant contributor to this review process, I am very pleased to see the outcomes being realised and am very enthusiastic about the education pathways for next generation bookkeepers.

The SBSCH is joining ATO online services from 26 February and is no longer accessible with current authentication details.  This change is being made to include this service with other ATO online services and will enable additional functionalities such as sorting employee listings and accepting credit card payments.

PENALTY RATE REDUCTIONS UPHELD

Monday, 13 November 2017

The Federal Court has upheld the Fair Work Commission’s decision in February reducing weekend penalty rates for employees under the Hospitality, Restaurant, Fast Food, Retail and Pharmacy awards.

The Australian Tax Office has issued new guidance on which expenses Self-Managed Superannuation Funds are eligible to deduct.

The advice provides detail about which expenses are deductible and under what circumstances.

New rules limiting the surcharge businesses can charge on credit card transactions took effect on 1 September.

The new rules extend previous surcharge regulation from larger businesses to cover all businesses. The rules applied to large businesses from September 2016.

MINING TAX INCENTIVES

Monday, 13 November 2017

The Government has announced new tax deductions for small miners.

It has announced that under the Junior Mineral Exploration Tax Credit it will commit $100 million to secure additional private investment in vital greenfields mineral exploration “to drive the next wave of mineral discoveries crucial to the resources sector and the Australian economy”.

‘PHOENIXING’ OFFENCE PROPOSED

Monday, 13 November 2017

The Government has published a set of proposed changes to reduce the incidence of ‘phoenixing’ of companies to avoid paying their debts, including a proposed specific ‘phoenixing’ offence in the Companies Act.

Under the proposal directors of a ‘phoenixed’ company or the successor company itself could be sued for losses resulting from the transfer of assets of a company to avoid paying its debts.

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