FOLLOWING the sentencing of former tax agent Mr Md Zahidul Kabir to five years’ jail for fraud and money-laundering in the Sydney District Court this week, the Tax Practitioners Board (TPB) has confirmed it terminated his registration on October 15 this year.

Mr Kabir was found guilty of fraud and money-laundering offences to the value of around $100,000. The TPB terminated Mr Kabir’s registration based on information provided by the Australian Federal Police and the Commonwealth Director of Public Prosecutions, and his guilty plea to the offences.

He has been disqualified from practising as a tax agent and may not re-apply for registration for five years.

In the wake of the Kabir hearing, the TPB Chair, Ian Taylor, said the TPB has been pursuing the case for the former tax agent’s termination.

"The termination of Mr Kabir’s registration, before the sentence was handed down by the Sydney District Court, is evidence of the effectiveness of compliance monitoring undertaken by the TPB," Mr Taylor said.

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow on Twitter @TPB_gov_au and LinkedIn

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THE Joint Standing Committee on Electoral Matters will hold a public hearing on cyber interference in elections. The hearing is part of the Committee’s inquiry into the 2016 Federal Election.

”Although there has been no evidence of cyber manipulation or ‘fake news’ interference in Australia’s elections to date, from international events, it is important that the Electoral Matters Committee takes the initiative and is at the forefront of investigating ways to tackle this issue before it is of concern to future elections in Australia,” said Committee chair, Senator James McGrath.

The Committee will hear from a range of experts on the use of intentional dissemination of disinformation and micro targeting to influence voters; the use of data harvesting by social media platforms and associated apps and measures to bring more transparency to social media, particularly during elections.

”This Committee is just one of many parliamentary committees around the world grappling with this issue. The Committee is watching events in other jurisdictions closely and will be making recommendations in its final report aimed at safeguarding the integrity of Australia’s electoral system,” Senator McGrath said.

Public Hearing Details: 9:00am – 12:00pm, Tuesday, 20 November, Committee Room 2R1, Parliament House, Canberra.

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THE Financial Planning Association of Australia (FPA) is delighted to confirm Stephen Glenfield, CEO of the Financial Adviser Standards and Ethics Authority (FASEA), is addressing delegates at the FPA Professionals Congress at the International Convention Centre (ICC) on Thursday 22 November 2018 from 9am.

Notably, it will be his first public address since assuming the post of FASEA CEO in June. Mr Glenfield will be on stage to discuss the upcoming changes to the education and professional standards framework for financial planners.

Commenting on Mr Glenfield’s choice to make his first public address at the FPA Congress, FPA CEO, Dante De Gori CFP® said: “This is a powerful opportunity for delegates to hear direct from the CEO of FASEA for the first time about issues we know are weighing on their minds, such as mandatory education and training requirements, financial planner examination, and the formation of a code of ethics for all advisers.

“As we prepare for FASEA to announce the final professional and education standards framework, one thing is for sure – the financial planning profession is at a pivotal moment. We look forward to Mr Glenfield providing more clarity on the new standards, so we can work together to the advantage of all Australians."

The FPA has previously published a summary of its key recommendations for each area of the FASEA framework, and has also made copies of its full submissions available on the FPA website. As FASEA begins to confirm each of the standards for the adviser framework, the FPA is focused on developing resources for members to help them navigate the new landscape. 

About the FPA

The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession. For more information, visit www.fpa.com.au

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THE Queensland Resources Council (QRC) has urged Victorian manufacturers and large gas users to relocate to Queensland if they want access to the gas needed to keep people in their jobs.

QRC chief executive Ian Macfarlane said an announcement on Friday from the Andrews Government in Victoria that it intended to permanently ban unconventional gas exploration and development means there would be less investment, fewer jobs and higher gas prices down south, but instead more opportunities in Queensland.

“Victoria is shutting up shop when it comes to gas exploration. That means it’s also shutting down opportunities for manufacturers and other gas users,” Mr Macfarlane said.

“If Victoria doesn’t want the jobs and investment, then Queensland does.

“In complete contrast to what’s happening in Victoria, in Queensland our gas industry is continuing to invest and explore to supply the gas the East Coast market needs and to keep people in their jobs.

“Just yesterday we saw the Palaszczuk Government call for tenders on a block designed specifically to supply local manufacturers. On top of that the Queensland Government awarded Armour Energy and a Shell/Santos Joint Venture (JV) rights to explore for more than 900 square kilometres of land near Surat, with conditions that the gas supply the domestic market.

“Queensland has a long and successful history of balancing the development of the resources industry with the ongoing prosperity of the agricultural industry. That’s translated to more than $387 million in payments to farmers who co-exist with the gas industry, proving to be an important extra source of income during the drought.

“Not only is Victoria sending a message that it doesn’t want to keep jobs and investment at home, the fact is it will also rely on Queensland gas flowing down south to keep the lights on.

“Victoria’s loss is Queensland’s gain. Our Queensland resources industry supports more than 300,000 jobs, pays more than $4 billion in royalty taxes and creates opportunities for regional communities. The more resources investment we have, the better for all Queenslanders.”

www.qrc.org.au

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