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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

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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Your tax files could be caught up in a new crackdown

By Grace Ormsby

July 17 2019
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Your tax files could be caught up in a new crackdown

By Grace Ormsby
July 17 2019

Individuals should take extra care when choosing a tax agent this tax time, with more than 350 practitioners currently under investigation for risky behaviours that could affect their clients.

Your tax files could be caught up in a new crackdown

By Grace Ormsby

July 17 2019
Share

Individuals should take extra care when choosing a tax agent this tax time, with more than 350 practitioners currently under investigation for risky behaviours that could affect their clients.

With a new financial year upon us, the Tax Practitioners Board has revealed that it is currently undertaking the investigations due to suspicions of high-risk behaviour.

High-risk behaviours have been listed by the board as including a failure to meet personal tax obligations, over-claiming work-related expenses on behalf of clients, egregious conduct considered “black economy behaviour”, non-lodgement of annual declarations and non-compliance with continuing professional education requirements.

According to the Tax Practitioners Board, a number of the cases were a result of referrals from the Tax Office, which reportedly continues to work closely with the board.

The board’s CEO, Michael O’Neill, said they have handed down some heavy sanctions already.

One tax agent had his registration terminated for five years for failing to disclose approximately $1 million in tax debt and overdue lodgement for more than 30 companies while another received the same penalty for fraudulent lodging of income tax returns for several clients.

Another five-year registration termination penalty was given to a tax agent for being unable to provide evidence of professional indemnity coverage since 2017.

“Of eight cases investigated under the debt and lodgement project, five tax practitioners had their registrations terminated for failure to meet personal tax obligations, four of these with a five-year exclusion period,” he noted.

“And of the eight investigations into non-compliance with CPE requirements, five tax practitioners were issued with suspensions, three with cautions and all eight ordered to complete additional hours of CPE,” the CEO continued.

A further six tax agents have also recently been suspended for three months for the failure to lodge their annual declarations, Mr O’Neill said.

With the role of the organisation being to regulate tax practitioners in order to protect consumers, the board aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.

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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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