Stay alert to scams
At the start of a new year, it is also worth providing a timely reminder to tax agents and their clients to be aware of scams, and not just at ‘peak’ scam periods. It is important to note that scammers work every day of the year and are continuously evolving their methods of tricking and trapping people. Anyone can be the target of a scam, and some scams are so sophisticated and authentic in appearance that even the most alert can be caught out.
Security of information is paramount
With this in mind, maintaining information security is an important element of the service accountants provide to their clients. When security is compromised and information accessed by third parties, there can be extensive implications for the clients. It is important to be vigilant.
I encourage you to do as we all should and conduct regular reviews of your information security to ensure the threat of identity theft is mitigated in 2012.
Set healthy tax habits
Tax practitioners play an important role in supporting the integrity of our taxation and superannuation systems. The start of a new year is always a good time to help business clients get into some healthy tax habits in 2012. With your help we will continue to focus on key areas that have been identified in the ATO’s 2011/12 Compliance Program, including businesses participating in the cash economy, incorrect superannuation guarantee contributions and some high wealth individual groups.
Tax and BAS agents
Last year we supported the new Tax Practitioners Board in its regulation of tax and BAS agents. This work contributes to the integrity of our tax system. We will continue to assist the Board in its goal of bringing all registered tax practitioners together under a single regulatory framework.
One way we continue to do this is by identifying and referring to the Board cases of unregistered entities and registered agents demonstrating behaviour potentially in breach of the Tax Agent Services Act 2009. During 2010/11, we referred 141 issues to the Board for consideration.
Registration reminder
The majority of BAS agents will need to renew their registration with the Board in February 2012, as their initial two-year registration period expires. Further information on the renewal options available to BAS agents, including a transitional option, are available on the Board’s website www.tpb.gov.au.
It is important that people doing this type of work are registered with the Board to protect consumers.
Not-for-profit
As well as supporting the ongoing work at the Tax Practitioners Board, this year we will be working with the interim Charities Commissioner in setting up the Australian Charities and Not-for-Profit Commission (ACNC). The ACNC will be ready for operation by 1 July 2012.
All the best for an interesting year ahead.
