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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Is your tax person legit? Here’s one simple way to check

By Grace Ormsby

July 08 2020
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Earn

Is your tax person legit? Here’s one simple way to check

By Grace Ormsby
July 08 2020

Beware of unregistered agents who offer you the promise of an unrealistically large tax refund this tax time. It could cost you a whole lot more time and money in the long run.

Is your tax person legit? Here’s one simple way to check

By Grace Ormsby

July 08 2020
Share

Beware of unregistered agents who offer you the promise of an unrealistically large tax refund this tax time. It could cost you a whole lot more time and money in the long run.

The Tax Practitioners Board (TPB) has put out a public warning to Australians about the dangers of employing an unregistered agent to aid you in completing your 2019-20 tax return.

TPB chair Ian Klug advised, “If it seems too good to be true, it probably is.”

“While an unregistered agent may promise large refunds, the taxpayers leave themselves open to potentially thousands of dollars in tax bills and penalties,” he said.

The board is urging consumers to check the free online register of Australian tax practitioners as a safeguard against putting their financial and personal information at risk, especially in light of a recent case where an individual continued to operate as a tax practitioner despite being terminated by the TPB for fraud and dishonesty.

While the TPB eventually put a stop to the conduct, the terminated practitioner had already lodged 19 tax returns, with affected taxpayers not having checked the register prior to employing the individual.

According to the board, undertaking such a check may have saved affected taxpayer time and money.

Mr Klug said where practitioners do betray trust through putting client interests and tax system integrity at risk, the board “will not hesitate to take action against them”.

“We know that consumers place a large degree of trust in their practitioner,” he commented.

To better protect taxpayers, the TPB is advising Australians to take the following precautions this tax time:

Check that your tax practitioner is registered on the public register. Only registered tax practitioners can charge a fee for tax services.
Be wary of agents offering to provide you with additional government stimulus payments as a result of COVID-19.
Never share your myGov password. Doing so puts your personal information at risk.
Do not allow anyone to lodge or prepare your tax return through your myGov account.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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