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The pot, the kettle and “high integrity” practitioners
Published on 01 Sep 18 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
In March 2018 at The Tax Institute’s National 33rd Convention, the Commissioner made observations about practitioner conduct and the impact of that conduct on the revenue. The Commissioner spoke of some practitioners who displayed “outdated knowledge” and other practitioners who were “deliberately scamming or cheating the system”. The author identifies leveraging and exploitation of the main residence exemption (MRE) as an area worthy of closer attention. The author also identifies innovations that the ATO could easily implement with the objective of protecting the revenue and simultaneously ensuring that the practices of “high integrity” agents are not undermined by practitioners with outdated knowledge or by practitioners deliberately scamming or cheating. If implemented, the innovations would: reduce the opportunities for leveraging or exploiting the MRE; enable taxpayers to more readily satisfy the CGT record-keeping burden; reduce undocumented cash transactions for expenditures on main residences; and elevate the importance of “feet on the beat”.
Author profile
Christopher Wallis
Chris Wallis, CTA, Barrister and Accredited Mediator has over 35 years in practice. Chris’ has earned reputation for achieving satisfactory outcomes for clients in long and difficult disputes with revenue authorities by doing the “hard yards” and without having his clients enter the witness box. Day to day Chris’ work involves working with practitioners to fend off the TPB; SMSF members/directors to fend off the Regulator; and family lawyers and accountants in a relationship breakdown to trace assets and identify tax exposures. Chris provides easily read and comprehensive advice in relation to trusts or real property and is a regularly published author. Over 35 years Chris has delivered more than 150 presentations around Australia for the various professional bodies, the Australasian Tax Teachers Association, the Television Education Network, the Tax Bar Association, and the late Gordon Cooper’s Problems in Practice. - Current at 23 July 2024
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