In this CPA Australia webinar Assistant Commissioner Michael Hardy from the Australian Tax Office (ATO) and Gavan Ord, Business & Investment Policy Manager at CPA Australia, discuss aggressive tax planning and its implications for tax practitioners, emphasising the importance of effective tax planning and highlighting the risks associated with tax avoidance, including penalties and reputational damage.
Michael Hardy clearly outlines the difference between effective tax planning and tax avoidance schemes and stresses that the Australian Taxation Office supports effective tax planning.
Tax avoidance involves deliberately exploiting the tax system with arrangements that lack economic substance and the risks for clients and professionals are substantive. Those involved in aggressive tax planning can expect to be exposed to a greater riks of unexpected audits, penalties, not to mention significant damage to their professional reputations.
Aggressive tax arrangements often share a number of characteristics and it's important for finance professionals to recognise the warning signs. A lack of proper documentation, resistance to second opinions, and contrived structures are just some of the hallmarks. Finance professionals should always have a clear understanding of the main purpose of a tax arrangement and question any resistance to clients providing details upon request. Zero-risk guarantees, vendor finance, and complex transactions involving trusts and partnerships are just some of the types of schemes often employed as part of aggressive tax arrangements.
0:00 Introduction
3:51 Effective or Aggressive tax schemes
5:41 What are the risks?
7:48 Protecting your practice against bad advisors
9:38 Poll Questions 1 and 2
11:58 Seeking early advice
16:09 How you can help us
25:06 Poll Questions 3 and 4
29:42 Current arrangements of concern
33:08 Retirement planning schemes
50:05 Capital vs Income Healthcare Industry
52:24 Division 7A-Unitisation arrangements
57:51 How we can help you
58:00 How to report tax avoidance
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About CPA Australia:
CPA Australia is one of the world's largest accounting bodies with a global membership of over 168,000 members (as of February 2021) in more than 100 countries supported by 19 offices globally.
Our core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the general public.
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Subscribe to our YouTube channel for more videos https//www.youtube.com/channel/UCFQ0ZmQ4A2MMdyWmISemBdw?sub_confirmation=1
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Learn more about CPA Australia here: [ Ссылка ]
Become a member of CPA Australia here: [ Ссылка ]
Access CPA Australia’s professional resources here: [ Ссылка ]
Join our communities:
Follow CPA Australia on Facebook here: [ Ссылка ]
Follow CPA Australia on LinkedIn here: [ Ссылка ]
Follow CPA Australia on Twitter here: [ Ссылка ]
Follow CPA Australia on TikTok here: [ Ссылка ]
Follow CPA Australia on Instagram here: [ Ссылка ]
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About CPA Australia:
CPA Australia is one of the world's largest accounting bodies with a global membership of over 168,000 members (as of February 2021) in more than 100 countries supported by 19 offices globally.
Our core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the general public.
