Taxation Principles and Planning

Contents

Executive summary:

Introduction:

Reason behind tax agent services Act (TASA) 2009:

Services of the tax agent:

Affected professions:

Regulation of tax agent services by code of professional conduct:

Opinion about the importance of obligation under the code:

Conclusion.

Reference:

Executive Summary of The Apparition of Tax Reform

Taxation plays an important role in the progress of a country and increase the living standard of the people of Australia. After the implementing laws TBP and code of professional conduct increase taxation system in Australia. Federal code of conduct identifies weaknesses in taxation laws which helpful to implement the laws which are defined by the code of professional conduct system of the taxation. Quarrels became minimize with implementing the TBP laws. After implementing the TBP laws which are for every registered tax professional that overcome the quarrels which have positive affect on client.

Introduction to The Apparition of Tax Reform

In Australia, Tax agent services are regulated by the lawful authority TBP which is responsible for business activity statement. The main functions of this authority are to analyze the registration of the applicant, administration related to tax agents as well as business activity statement agents provide guideline to tax agents in a specific matter related to taxation and investigation of the agents that are violated the TASA rules and regulations. Multiple guidelines are issues by the TPB for professionals regarding tax agenda to understand the laws and requirements according to TASA Act law 2009. TPB are also issued guidelines for users regarding tax agenda to understand the requirements and laws according to TASA. These guidelines which are issued by the TBP are according to workable and principles approach. Government of the Australia gives independent rights TBP to implement the functions of the taxation in their country according to the TASA Act. There are many agencies and tax agents like BAS agents as well as advisor of the finance are insist to follow the TASA Act 2009 including the code. Multiple guidelines are issues by the TPB for professionals like their education and selection criteria regarding tax agenda to understand the laws and requirements (Fullarton, 2003). TBD developed its different (KBIs) developed by performance indicator. On the basis of these KBIs, TBD can judge its performance and effectiveness in the taxation in department. Multiple KBIs that are developed by the TP are as follows, registration of the new user for the purpose of the tax or renewable his accounts and registration on the basis of its standard, improvement of the existing registration of the new user for the purpose of the tax or renewable his accounts and registration, main aim of this department to resolve complains within due time, satisfaction of the stakeholder and professionals through the communications as well as publications related to registration process and right of the tax professionals (Fullarton, 2003).

Reason Behind Tax Agent Services Act (TASA) 2009

Federal court of the Australia found different suspect that are violated the TASA act 2009 as well as s.50-50 TASA. They are violating the TASA Act 2009 through unfair means of taxation like proving tax agent services without registration. Federal court of the Australia is proposed punishments for suspect tax agents to $64,500 to overcome this issue as well as promote the taxation in their country including order to obtrude tax professional services. For the purpose of improvement, chair of TBP department declare a statement in the court. According to his statement “The federal court decision is very helpful to protect the rights of the BAS registered agents as well as protection of the user (Fullarton, 2003). After the punishment declared by the court, unfair means in the taxation are minimized. For the purpose of overcome these issues, government of Australia issued different laws related to taxation like Multiple guidelines are issues by the TPB that is department of the Australian Government, its purpose to issue taxation rules for professionals regarding tax agenda to understand the laws and requirements according to TASA Act law 2009. (Fullarton, 2003) (Australia, n.d.)TPB are also issued guidelines for users regarding tax agenda to understand the requirements and laws according to TASA. These guidelines which are issued by the TBP are according to workable and principles approach. Government of the Australia gives independent rights TBP to implement the functions of the taxation in their country according to the TASA Act. There are many agencies and tax agents like BAS agents as well as advisor of the finance are insist to follow the TASA Act 2009 including the code (Fullarton, 2003).Multiple guidelines are issues by the TPB for professionals like their education and selection criteria regarding tax agenda to understand the laws and requirements. To overcome the issue regarding to taxation, digital technology is very useful in this department. The department can help the users and tax professionals through the cloud computing. Moreover, more than 17,000 tax advisers included their team, the result of these more tax advisors, more than 73,000.0 tax professionals register through the TBP platform. After the Federal court of the Australia found different suspect that are violated the TASA act 2009 as well as s.50-50 TASA, TBP higher new tax professionals on the basis of their experience which meet the criteria of TCP department (Boxer, 2008).

Services of The Tax Agent

There are multiple services of the tax agents to guide individuals, before its essential to register with TBP. The figures which are shown by the TBP, more than 54,939 tax professionals registered with lawful TBP. There are more than 39,000 professionals of the tax as well as BAS agents are more than 15,000. Every tax professional are essential to follow the act 2009 TAS which allows a tax agent to provide his services (Richard Krever, 2015). On the other, this law is looking for the tax agents that give their services free of cost. Other multiple requirements which are necessary in the current department to became tax agent including code establishment. Establishment of code is the essential part of the tax professional registration to TBP (Fullarton, 2003) (Australia, n.d.). If someone unable to verify his/her registration code to TBP, warning message sent to professional by the TBP and then cancel his/her registration. In warning message, registration of the code is mention including essential documents and requirements. On the other hand, multiple steps are included in code registration that is essential for the tax agent including honesty, independency, integrity as well as responsibility. One more main point that is included in this step is confidentially (Fullarton, 2003) (Government, n.d.). There is need to set principle which is related to tax professional and client; laws which are described about professional and client are as follows. It has been essential to provide satisfactory information to client by the tax agent as well as tax services rules should be obeyed.

Affected Professions

Accounting is the main profession which is affected due to changing taxation in Australia. Tax amendments that are occurred in Australia after the act TASA 2009, only few groups do wrong things but government apply new rules to all professionals which affect the everyone instead of rules violated person (Fullarton, 2003). Since world war 11 tax is not implemented by state government on any individuals, organizations or sectors of Australia in any manner of business or other organization but the tax is officially imposed by federal government on many businesses, organizations and different sectors on the income of employees from lower level to upper level to collect taxes and tax is imposed on the salaries of sectors on working employees, businesses of individuals, restaurants and several sectors. They are ordered to pay tax amount to further run their businesses and organizations (Fullarton, 2003).

For imposing taxation on sectors some aspects are systematically managed by following some directions for implementation of the tax because it is not directly implemented on some corporations and individuals in some specific manners and in some aspects taxes are imposed directly to pay for further working criteria of the concerned organization. Also while implementing tax on any corporation it is imposed in a way to charge average rates from the sectors keeping in consideration their circle of business and on annual income basis and average rates taxes are charged (Fullarton, 2003) (Government, n.d.). Because tax plays a very important role at national level and development of any country and it is the only big system to collect a large amount of revenue to fulfill requirements and it is collected under the authorization of federal government of Australia under the tax assessment act 1997. Tax incomes are differently charged from individuals on the basis of their earnings and deducted by their salaries and after deduction they get their pay from banks (Boxer, 2008).

The tax is charged in a ratio of progressive rates in many aspects comprising personal earnings by getting transaction from your bank accounts such as salary and wages taxes are deducted as well as from business incomes and capital gains on average rates and average percentage. So several occupations and professions are effected by tax implementation including agricultural workers, building and construction sectors, call centers, medical professionals, engineers factories and industrial areas, sports industries, banquet halls and several other sectors of business professions and other government sectors tax is implemented on these sectors and have great impact on those sectors who earn less but have to pay tax and this situation results in leaving the business for them and some the good earning local business sectors who earn good can pay tax fluently and other than the private sectors the tax distribution of government sectors are collected from salary and wages of the employees from the an average percentage depending upon their salaries (LAFFER, 2008).

Regulation of Tax Agent Services by Code of Professional Conduct

If we talk about code of professional conduct, regulation of the tax agent services is helpful through the code of professional conduct because TBP help the professionals and BAS agents to understand their duties according to the code item 5 of code of professional conduct. The duties of the professionals and BAS agents are regulated with the help this section. According to this section, for the purpose of managing quarrels sufficient arrangements are essential (Boxer, 2008). This section is implemented at every registered tax professional. The main purpose of this section is to overcome the quarrels which have positive affect on client, and it shows the ethics of tax profession (Fullarton, 2003). The main advantage of this section is that, it can’t give any right to any registered professional to handle their personal quarrels because quarrels are managed through this section instead of increasing. The reason to apply this section in tax service agents is to overcome the unfair means of taxation in this department because some issues were raised by the Australian federal court. Federal court of the Australia found different suspect that are violated the TASA act 2009 as well as s.50-50 TASA. They are violating the TASA Act 2009 through proving tax agent services without registration. Federal court of the Australia is proposed punishments for suspect tax agents to overcome this issue as well as promote the taxation in their country including order to obtrude tax professional services. To promote the ethics in the taxation APESB board released the 110 code that help to promote the ethical account professional (LAFFER, 2008).

Opinion About the Importance of Obligation Under the Code

According to my opinion to promote the taxation system in Australia, it’s essential to apply the laws which are defined b the TBP as well as by the code of professional conduct because after the implementation of the rules that are issues by these sections taxation system in Australia became successful. These sections are helpful and provide platform of managing quarrels sufficient arrangements are essential (Fullarton, 2003). This section is implemented at every registered tax professional and overcome the quarrels which have positive affect on client, and it shows the ethics of tax profession. The main advantage of this section is that, it can’t give any right to any registered professional to handle their personal quarrels because quarrels are managed through this section instead of increasing.

Conclusion on The Apparition of Tax Reform

At the end in conclusion of the taxation system, Due to the lack implementation of rules that are defined by the TBP and code of professional conduct raise multiple problem that affect the whole taxation system in the Australia. In current case, federal code of conduct identifies and give punishment to implement the taxation laws in the future because after the implementing the laws which are defined by the code of professional conduct system of the taxation became successful in Australia. These sections are helpful and provide platform of managing quarrels sufficient arrangements are essential. This section is implemented at every registered tax professional and overcome the quarrels which have positive affect on client, and it shows the ethics of tax profession. For implementing the taxation, Government of the Australia gives independent rights TBP to implement the functions of the taxation in their country according to the TASA Act. This helps the individuals to get assistance related to the taxation information and to deal with the legal issues and impacts of tax on the growth of business. Agencies and tax agents like BAS agents as well as advisor of the finance are insist to follow the TASA Act 2009 including the code.

Reference for The Apparition of Tax Reform

Australia, P. o., n.d. Result. [Online]
Available at: https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId%E2%80%99=%E2%80%99r5408

Australia, P. o., n.d. Tax Agent Services Bill 2009. [Online]
Available at: https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4002

Government, A., n.d. Explanatory Paper TPB(EP) 01/2010. [Online]
Available at: https://www.tpb.gov.au/explanatory-paper-tpbep-012010-code-professional-conduct

Government, A., n.d. Explanatory Papers. [Online]
Available at: https://www.tpb.gov.au/explanatory-papers

LAFFER, K., 2008. TAXATION REFORM IN AUSTRALIA. Economic Record, 18(2), pp.168-179.

Boxer, A., 2008. TAXATION IN AUSTRALIA*. Economic Record, 41(96), pp.639-649.

Fullarton, A., 2003. The Apparition of Tax Reform: A Paper That Examines the Issue of Taxation Reform in Australia. SSRN Electronic Journal,.

Richard Krever. (2015). The Australian GAAR. TAX And LAW8(1), 1-10. https://doi.org/10.15821/tal.2015.8.1.001

Eunchong Lee. (2016). Review of 2015 Corporate Tax Law and Income Tax Law Cases. Seoul Tax Law Review22(1), 233-298. https://doi.org/10.16974/stlr.2016.22.1.007

Mitchell, A., Voon, T., & Hepburn, J. (2019). Taxing Tech: Risks of an Australian Digital Services Tax under International Economic Law. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3347655

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