Illegal Tax Saving Strategies
Illegal tax saving strategies damage the fabric of society and Government policy is clearly to minimise or eliminate them. If tax avoidance is left unchecked, the perception of unfairness has the potential to undermine the voluntary ethic in the broader tax system.
Every accounting practice in Australia will have at least a couple of clients who are employing some illegal tax savings strategies to save tax. Your comprehensive legal obligations under the Tax Agent Services Act 2009 (TASA) are very clear. You must ensure that you have used reasonable care in the preparation of every client’s tax return and that you do not lodge a tax return you know (or reasonably suspect) to be incorrect. For those couple of clients that are employing illegal tax saving strategies, you need to convince them to cease those activities, or immediately resign as their accountant. You have no choice.
Similar posts you may like
- Super Fund Trustee Company
A super fund trustee company is a type of special purpose proprietary company that is only permitted to act as trustee of a self-managed Read more
- Trade shows and exhibitions
A trade show or exhibition is an exhibition organised so that companies in a specific industry can showcase and demonstrate their latest products and Read more
- Accountants Are Far from Natural Salespeople – so How Do We Upsell?
When you think of a salesperson, you picture slick hair and a shiny suit from some boutique hipster joint in the inner suburbs. Lets Read more
- Tax Planning Sin 1: Failing to Offer Tax Planning Services to Every Client
Industry data shows that approximately 10% of practices are currently providing tax planning services to their clients. What is unknown is the actual Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2