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TPB invites submissions on governance guidance for recognised professional associations

THE Tax Practitioners Board (TPB) is inviting submissions on a draft information sheet which provides recognised professional associations with further guidance on corporate governance, operational procedures and accountability requirements in the Tax Agent Services Regulations 2009 (TASR).

Chair of the TPB, Ian Taylor, said the development of this guidance reflects the TPB’s ongoing commitment to assisting existing recognised professional associations, and associations seeking recognition, to understand and demonstrate they meet their legislative obligations.

"An association that is a TPB ‘recognised professional association’ gives their voting members an additional pathway to meet the tax practitioner registration requirements with the TPB," Mr Taylor said.

"This draft information sheet outlines best practice for associations in demonstrating their processes and structures meet the requirements for recognition under the TASR."

"The draft information sheet is designed to provide these associations with additional support in clarifying the legislative obligations for recognition, adopting a principles-based and pragmatic approach rather than being too prescriptive."

"It is recognised that there is no one-set formula and that concepts of good corporate governance are contemporary in nature and will necessarily evolve over time as an organisation’s legislative environment and community expectations develop," Mr Taylor said.

"While corporate governance, operational procedures and accountability are just some of the requirements that professional associations need to meet for recognition, we have expanded our guidance on these requirements as corporate governance models differ depending on the nature, size and structure of operations," Mr Taylor added.

"Where an association needs to make changes to meet the TPB’s requirements, the TPB appreciates that these changes may take time to implement and, if this is necessary, the TPB will take a pragmatic approach in assessing an association’s ongoing compliance with requirements in the TASR," he said.

"However, we will expect associations to provide undertakings to the TPB that a relevant processes would be in place for the purpose of effecting any relevant changes where required, with the TPB kept informed in relation to progress."

This draft guidance also complements the TPB’s annual declaration process for recognised professional associations. In April 2016, the TPB introduced an annual declaration for recognised professional associations to demonstrate that they continue to meet all of the ongoing eligibility requirements associated with recognition (as set out in the TASR).

"The TPB implemented the annual declaration process to require all recognised professional associations to demonstrate that they continue to meet the ongoing eligibility requirements," Mr Taylor said.

Further information about eligibility requirements for recognised tax agent associations, including examples of the types of evidence that may demonstrate requirements are being met, is available at www.tpb.gov.au/recognised-professional-associations  

The TPB will consider all submissions and may undertake further consultation before finalising the information sheet exposure draft.

The exposure draft is available on the TPB website and the closing date for submissions is Friday 17 November 2017.


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.

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Funding opportunity for Torres Strait fishers

A ONE_TIME funding opportunity is available to help the Torres Strait fishing industry transition to the new mandatory fish receiver system (FRS) to be introduced on 1 December 2017.

Funded by the Australian Fisheries Management Authority (AFMA), fishing associations and groups in the Torres Strait may be eligible for up to $4 000 each to support their members to transition to the new mandatory system.

AFMA’s Torres Strait Manager, Selina Stoute, said the FRS will collect accurate and timely data on commercial catches, meaning catches can be monitored against catch limits, helping to ensure sustainability of fish stocks into the future.

“Moving to a mandatory fish receiver system is a positive shift for the Torres Strait fishing industry, and one which will be made easier by working together with industry and local communities,” Ms Stoute said.

Funds can be used by associations and organisations for a range of activities such as holding meetings to pass on information, purchasing equipment such as measuring scales, and training for members to make the transition to the mandatory system a smooth one.

“Ultimately, it will be up to the associations to develop plans which best suit their individual circumstances and the needs of local fishers” Ms Stoute said.

Funding application forms can be downloaded from the Protected Zone Joint Authority (PZJA) website at pzja.gov.au. Applications must be submitted to AFMA by 30 October 2017.

For more information on the FRS, this one-time funding opportunity or to register your interest in becoming a fish receiver please contact Geoff Diver at AFMA’s Thursday Island office on 07 4069 1990 or This email address is being protected from spambots. You need JavaScript enabled to view it..

The Protected Zone Joint Authority is responsible for management of commercial and traditional fishing in the Australian area of the Torres Strait Protected Zone (TSPZ) and designated adjacent Torres Strait waters, and supports the introduction of the FRS.

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Consultation on reforms to address illegal phoenixing

 

THE Minister for Revenue and Financial Services, the Kelly O'Dwyer MP, today released for public consultation a paper entitled Combatting Illegal Phoenixing.

This consultation is a key step in the Government’s delivery of a comprehensive package of reforms to address illegal phoenixing.

The consultation paper seeks views on proposed reforms to the corporations and tax laws to deter and disrupt the core behaviours of phoenix operators, while minimising any unintended impacts on legitimate businesses and honest restructuring. The proposed changes will assist regulators to better target action against those who repeatedly misuse corporate structures and enable them to take stronger action against those entities and individuals.

“The Government is committed to helping the honest and diligent entrepreneurs who drive Australia’s productivity, but we won’t tolerate those who misuse the corporate framework for their own advantage,” Minister O’Dwyer said.

These reforms will complement other Government action we have already taken, including:

  • instituting the Phoenix, Black Economy and Serious Financial Crime Taskforces;
  • strengthening disciplinary rules for insolvency practitioners;
  • legislating to improve information sharing between key regulatory agencies;
  • reviewing and enhancing ASIC’s powers and enforcement tools;
  • consulting on law reform initiatives to curb the excessive drain on the taxpayer funded Fair Entitlement Guarantee scheme, which covers employees’ entitlements left outstanding as a result of failed business enterprises;
  • improving the collection of GST on new residential premises and residential subdivision transactions from 1 July 2018.
  • phasing in near real time reporting by employers of payroll and superannuation information to the ATO through the single touch payroll reporting framework, giving the ATO improved visibility over employers’ compliance with their tax obligations including the superannuation guarantee;
  • consulting on a register of beneficial ownership for companies, to be made available to key regulators for enforcement purposes; and
  • developing and improving legislation to encourage and protect whistleblowers.

Stakeholders are invited to comment on the consultation paper by lodging a submission online via the Treasury website. Submissions close on 27 October 2017.

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ASIC provides guidance for initial coin offerings

ASIC today released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.

ASIC Commissioner John Price said, "We want to ensure innovative firms understand the regulatory framework they may be operating under and ensure they meet any obligations they may have when raising funds in Australia."

ASIC and the Australian Competition and Consumer Commission (ACCC) also jointly warned people of the potential risks of investing in ICOs.

"ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high," ASIC Commissioner John Price said. "Consumers should understand the risks involved, including the potential for these products to be scams, before investing."

Information sheet 225 provides guidance about the potential application of the Corporations Act 2001 to businesses that are considering raising funds through an initial coin offering.

ASIC's MoneySmart website has also published guidance for investors on the risks of investing in initial coin offerings.

Background

ASIC is focused on the vital role that innovative businesses are playing in re-shaping financial services and capital markets. In addition to developing guidance about how these new developments fit into our regulatory framework, in 2015, ASIC launched its Innovation Hub to help fintechs navigate the regulatory framework without compromising investor and financial consumer trust and confidence.

The Innovation Hub provides the opportunity for entrepreneurs to understand how regulation might impact on them. It is also helping ASIC to monitor and understand fintech developments.

Innovative businesses can contact the ASIC's Innovation Hub for assistance in understanding the regulatory framework.

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Melbourne celebrates small business passion

THE City of Melbourne celebrates the decades of service, passion and resilience of the city’s small, long term and generational businesses through the annual Lord Mayor’s Commendations.

Lord Mayor Robert Doyle AC has bestowed accolades upon 38 recipients at a ceremony overnight, recognising some of the city’s hidden gems, well-loved characters and colourful businesses.

The Lord Mayor’s Commendations recognise small business proprietors who have operated for three generations or more, or have operated for more than 10, 25, 40 or 50 years.

The Lord Mayor said small business is the lifeblood of the city and contributes to Melbourne’s unique character and identity.

“Through their creative vision and passion, our small business proprietors help make Melbourne the world’s most liveable city,” the Lord Mayor said.

“This year we’ve recognised a beloved bookstore in operation for 50 years, a showboat operator who has cruised Melbourne’s waterways for a decade and a North Melbourne automotive centre run by three generations of the same family.

“All recipients deserve recognition for their years of hard work and I am proud to award commendations to those who’ve withstood the test of time and continue to flourish.”

Among this year’s recipients is Joel Grosman, a third generation owner of Creative Wigs, Australia’s largest and longest-standing wig supplier.

“My grandfather opened Creative Wigs back in the 1950s and the business has grown to supply wigs to the general public and a whole range of industries, including the arts. We fit wigs for singers, dancers, actors, models and drag performers,” Mr Grosman said.

“A key part of our business I’m particularly proud of is our work for cancer patients. We’ve run wig fitting and educational workshops for hospitals and patients around Melbourne for many years, as well as working closely with the Look Good Feel Better program to help cancer patients throughout their journey.

“We’re honoured to be receiving a Lord Mayor’s Commendation; it’s a great recognition of my family’s hard work and our long history in Melbourne’s CBD.”

More than 13,000 small businesses call the City of Melbourne home, making up more than 80 per cent of all businesses in the area and combined, Melbourne’s small businesses employ 75,000 people.

Since its inception in 2005, more than 500 small business proprietors have received a Lord Mayor’s Commendation.

A black and white photographic exhibition of this year’s commendation recipients will be showcased at The Block Arcade on Collins Street from 28 September to 16 October, 2017.

A full list of the 2017 Lord Mayor’s Commendations recipients is available here.

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