TaxBanter

Accounting and wealth advisory firms are increasingly prime targets for cyber criminals. You’re holding highly sensitive financial and personal information, and attackers know that even a small vulnerability can have serious consequences – not just financially, but reputationally as well. In recent years, we’ve seen a significant increase in phishing attacks, ransomware, data breaches and business email compromise impacting professional services firms. At the same time, regulatory expectations around data protection and cyber resilience continue to rise. In this episode of TaxYak, Senior Tax Trainer George Housakos is joined by Caillin Goss, Jen Pascarl and Jacques Louw from Priority Networking and Greg Gardiner from Count. This podcast is the first in a two part Cyber Security Series. This session focuses on the key statutory and regulatory requirements firms need to be aware of, including privacy obligations, data security expectations, and what “reasonable steps” actually means in practice. This session will also unpack some of the most common questions we hear from accounting and wealth advisory firms, such as: What are my legal obligations if there’s a data breach? How far does my responsibility extend when using cloud providers and third-party platforms? What does the regulator expect in terms of governance, documentation and controls? And how do I balance compliance with practical, day-to-day operations? Our aim is to give you clarity on your obligations, highlight where firms typically fall short, and help you understand why cyber security is no longer just an IT issue – it’s a core business risk. Special Offer: Priority Networking are offering all Tax Yak listeners a $2,400 comprehensive cybersecurity assessment. This covers the Essential 8 Framework and other key cybersecurity measures, including your policies and procedures, and will help assess whether your business has the capabilities to prevent, detect and respond to cybersecurity incidents, should they occur in your business. Find out more The post Episode 71: Cyber Security for Accounting & Wealth Firms: Cyber Threats and Your Compliance Obligations appeared first on TaxBanter.

In this episode of Tax Yak, Tiffany Douglas chats with colleague George Housakos, senior tax trainer at TaxBanter, about a significant issue facing the tax profession from 1 July 2025: taxpayers will no longer be able to claim an income tax deduction for ATO interest charges.George is a CPA and brings over 25 years of tax expertise, including 20 years at the Australian Taxation Office where he specialised in disputes and interpretative advice. He also has substantial experience in training and assessment within the TAFE sector. George is well known for his practical and pragmatic approach to providing taxation and superannuation advice.This podcast explores the challenges businesses must address when financing their activities. For further insights, consider signing up to TaxBanter’s special topic on “Financing business activities,” which will examine the various forms of debt and equity financing, as well as their tax implications. Topics covered include:The debt-equity rulesHire purchase versus lease financeLeases of luxury carsCommercial billsWorking capital fundingNon-recourse debtLoans between related partiesRefinancingListen to Episode 70: The post Episode 70: Denying tax deductions for ATO interest charges appeared first on TaxBanter.

In this episode of TaxYak, our Senior Tax Trainers Phillip London and George Housakos yak with Arthur Athanasiou, Tax Partner at Thomson Geer. They take a deep dive into the burning issues resulting from the Full Federal Court’s 3:0 decision in favour of the taxpayer in FCT v Bendel issued on 19 February 2025, where an Unpaid Present Entitlement (UPE) was found not to be a loan for the purposes of Division 7A Income Tax Assessment Act (ITAA) 1936.For example:Taxpayer strategies for UPEs for year ending 2024Taxpayer strategies for UPEs for year ending 2025What’s next (Special Leave application to the High Court/Extension of time to file/Test Case funding)Taxpayers appeal and objection rightsTax Agent Services Act and Breach Reporting Regime risksWill the Commissioner now look more closely at other taxation risks:Section 100A Reimbursement AgreementsSubdivision EA of Division 7APart IVA Tax EvasionThe Bendel decision is not a green light that Division 7A cannot be triggered for UPEs. We hope you enjoy this episode of TaxYak.Listen to Episode 69: The post Episode 69: Beyond Bendel: When is a UPE not a loan? appeared first on TaxBanter.

In the highly anticipated final instalment of our three-part Tax Yak podcast series, George Housakos sits down once again with Nicholas Giasoumi, Director at Dye & Co., to shed light on small business restructures in 2024.With a focus on eligibility and practical application, this episode dives into the complexities of restructuring options for small businesses. Whether you’re facing financial uncertainty or looking to take proactive steps to safeguard your business, Nicholas offers clear, actionable advice to guide you through the process.Here’s what you’ll learn:The key eligibility criteria for small business restructuring in 2024.Strategic steps to maximize the benefits of restructuring.How to avoid common pitfalls during the process.As a trusted expert in personal and corporate insolvency, Nicholas brings decades of experience helping businesses across a range of industries navigate financial challenges. His advice is tailored to help you make informed decisions and take control of your financial future.Catch Up on the Full SeriesEpisode 66: Responding to ATO Enforcement Notices – Tricks, traps, and time bombs for managing Director Penalty Notices, Statutory Demands, and more.Episode 67: Bankruptcy Essentials & Small Business Restructures – What bankruptcy means for your assets and whether restructuring is an option.Don’t miss this invaluable series to help tax professionals and business owners navigate ATO enforcement notices and insolvency with confidence.Bonus for Tax Yak ListenersNicholas is offering a free 1-hour consultation to any Tax or BAS Agent who refers a case to Dye & Co. The post Episode 68: Navigating Small Business Restructures appeared first on TaxBanter.

In this episode of Tax Yak, George Housakos sits down with Nicholas Giasoumi, a seasoned chartered accountant, registered liquidator, and trustee in bankruptcy, to demystify the complex world of bankruptcy. This is the second instalment in our three-part series with Nicholas.In Episode 66, we explored ATO-issued notices such as Director Penalty Notices, Statutory Demands, and more.Now, in Episode 67, Nicholas addresses the burning question: Will I lose my house if I declare bankruptcy? Topics include:What happens to mortgaged housesEquity considerationsJoint ownership and its implicationsTrustee actions regarding personal property and partner assetsOutcomes for your house after bankruptcy concludesNicholas also shares case studies—successes and challenges in his role—and clarifies other common concerns, including asset retention and the duration of bankruptcy.Don’t miss Episode 68, where we discuss Small Business Restructures in 2024 and eligibility requirements! The post Episode 67: Bankruptcy Essentials & Small Business Restructures appeared first on TaxBanter.

In this episode of Tax Yak, host George Housakos sits down with Nicholas Giasoumi, a highly respected Director at Dye & Co., chartered accountant, registered liquidator, and trustee in bankruptcy. This marks the start of a powerful three-part series where Nicholas brings decades of experience to help you understand crucial aspects of debt enforcement and insolvency.Host: George Housakos, Senior Tax Trainer, TaxBanterGuest: Nicholas Giasoumi, Director at Dye & CoDive into the best practices for handling ATO-issued Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.Tune in to gain practical insights for navigating ATO debt issues effectively, with special tips on handling Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.Listen to Episode 66Responding to ATO Enforcement Notices: Tricks, Traps, and Time Bombs The post Tax Yak Episode 66: Responding to ATO Enforcement Notices appeared first on TaxBanter.

In this 2 part episode series of Tax Yak, George Housakos yaks with Vincent Licciardi on two very hot issues for the new financial year of 2024/25: The new tax agent breach reporting regime and the new Code of professional conduct determination.Host: George Housakos | Senior Tax Trainer, TaxBanterGuest: Vincent Licciardi | Partner, HWL EbsworthThis episode, they focus on the new Legislative Instrument registered on 2 July 2024 titled Tax Agent Services (Code of Professional Conduct) Determination 2024 (for registered tax agents and BAS agents), which took effect from 1 August 2024 – although transitional rules have been announced which will give practitioners an extension until next year provided ‘genuine steps’ towards compliance have been made. Registered tax practitioners need to pay immediate attention to the Instrument, as it introduces new obligations under the Code administered by the TPB and action should be taken now to show that ‘genuine steps’ toward compliance have been made.New Code obligations include:Notifying current and prospective clients about any matter that could significantly influence their decision to engage you as their registered tax practitionerThe requirement for you as the tax practitioner to take corrective action in relation to a false, incorrect or misleading statement to take all necessary corrective steps:where the tax practitioner made the statement – to correct the statement; orwhere the tax practitioner prepared the statement – to advise the maker of the statement that it should be corrected;where the tax practitioner prepared the statement and the maker of the statement does not correct the statement within a reasonable time – notify the TPB or ATO.Other additional obligations include:Keeping of proper client recordsEnsuring tax agent services provided on your behalf are provided competentlyQuality management systems —Want to get maximum understanding of the recent reforms and planned changes? Join us on 30 August for our comprehensive webinar tax practitioner breach reporting and beyond! The post Tax Yak Episode 65: TPB matters (Part 2) appeared first on TaxBanter.

In this 2 part episode series of Tax Yak, George Housakos yaks with Vincent Licciardi on two very hot issues for the new financial year of 2024/25: The new tax agent breach reporting regime and new Code of Conduct of professional conduct determination.Host: George Housakos | Senior Tax Trainer, TaxBanterGuest: Vincent Licciardi | Partner, HWL EbsworthThis episode, we will focus on the new tax agent breach reporting regime, whereby the TPB has provided guidance material pursuant to TPB (I) D53/2024 (which came into effect on 1 July 2024, whereby tax practitioners (which includes Tax and BAS agents) gain an understanding of the updated breach reporting obligations under section 30-35 and 30-40 of the Tax Agents Services Act (TASA) 2009. These obligations require registered tax practitioners to mandatorily report on two matters:‘Significant breaches’ of the Code of Professional Conduct in the TASA relating to their own conduct to the Tax Practitioners Board (TPB); &‘Significant breaches’ of the Code of Professional Conduct by other tax practitioners in the TASA to the TPB and the recognised professional association of that tax practitioner. Want to get maximum understanding of the recent reforms and planned changes? Join us on 30 August for our comprehensive webinar tax practitioner breach reporting and beyond! The post Tax Yak Episode 64: TPB matters (Part 1) appeared first on TaxBanter.

In this episode of Tax Yak, our host Tristan Webb chats with Christopher Ryan at the Australian Taxation Office, about the ATO’s recently finalised guidance on section 100A. Host: Tristan Webb | Tristan on LinkedIn > Guest: Christopher Ryan, Assistant Commissioner, Engagement and Assurance Services, Private Wealth Business Line, ATO Want to get your Section 100A understanding to the next level? Get our recording of our presentation Section 100A: Where are we now?  Register for the recording >   The post Tax Yak Episode 63: Section 100A – reimbursement agreements appeared first on TaxBanter.

Our Senior Tax Trainers correct some of the misinformation around Work Related Expenses and the areas the ATO is focussing on for the year ended 30 June 2022.

Michael Bode talks to Danny Talwar of Koinly about the everchanging world of cryptocurrency, digital assets and tax.

In this episode of Tax Yak, Nicole Rowan chats with Michael Carruthers from the Knowledge Shop and Lee-Ann Hayes from TaxBanter about Fringe Benefits Tax (FBT). With the end of the FBT year approaching, we’re checking in on the tax and reporting obligations of employers when they provide fringe benefits to their employees and we’ll also be catching up on changes in the FBT space.

In this episode of Tax Yak, Nicole Rowan chats with Haydon Green, Director of Single Touch Payroll, Policy & Content at the Australian Taxation Office, about the implementation of STP Phase 2. Haydon is a director at the ATO and his extensive experience in tax administration and policy development has seen him involved in Single … Tax Yak – Episode 59 – STP Phase 2 Read More »

In this episode of Tax Yak, Neil Jones yaks with Nick Mellos (Grant Thornton) about the implications of personal insolvency and debt management. Host: Neil Jones Guest: Nick Mellos (Grant Thornton) Recorded: 1 December 2021

In this episode of Tax Yak, Neil Jones yaks with Scott Anderson (Worrells) and Nicole Rowan (Senior TaxBanter trainer) about the risky business of asset protection. Host: Neil Jones, Managing Director and Senior Tax Trainer (TaxBanter) – Neil on LinkedIn Guests: Scott Anderson (Partner & insolvency practitioner, Worrells) and Nicole Rowan (Senior Tax Trainer, TaxBanter) Recorded: 10 November 2021

In this episode of Tax Yak, Nicole Rowan chat with Emma Rosenzweig, Superannuation and Employer Obligations Deputy Commissioner at the Australian Taxation Office about recent and upcoming changes to Employer Superannuation.

In this episode of Tax Yak, Neil Jones yaks with Craig McCormick about the ATO finalised views on the amendments to the Non Arms Length Income rules and how non Arms length expenses can impact Superannuation Funds. Neil and Craig explore the ATO's LCR 2021/2 and what it means for Super fund members and their advisers.

In this episode of Tax Yak, two of our Senior Tax Trainers gather to correct some of the misinformation around work-related expenses (WRE). They also discuss important changes to making WRE claims, and explain what can and cannot be claimed. A useful reminder for accountants and taxpayers alike! Host: Lynne Gibson, Senior Tax Trainer (TaxBanter) … Tax Yak – Episode 54 – WRE Mythbusting updated Read More »

Nicole yaks with Graeme Prowse (Director of Webb Martin Consulting and TaxEd) about a few of the biggest tax cases in the medical industry over the past 20 years – Healius, Optical Superstore and Moffet. Is a medico operating from a health service aggregator (e.g. a super clinic) technically an employee? What are the superannuation … Tax Yak – Episode 53 – Catching up on cases #2 – the medical world Read More »

Division 328 – Small Business Tax Concessions were introduced several years ago to simplify the taxation rules for small businesses. A lot has changed since then – albeit temporarily for some measures. The team provides an overview of who can use Division 328, what concessions are available and whether the measures are compulsory or optional. Host: Lee-Ann Hayes Guests: Michael … Tax Yak – Episode 52: Division 328 – Small Business Tax Concessions Read More »