THE Australian Taxation Office (ATO) and the Tax Practitioners Board (TPB) are focused on measures to intercept attempted identity fraud targeted at registered tax practitioners and their clients.

New guidelines will strengthen and modernise the practices and controls that registered tax practitioners follow when verifying the identity of their clients.

The ATO has seen an increase in attempts by criminals to commit refund fraud by stealing the identities of taxpayers which has coincided with an increased reliance on technology and remote working practices. Having your identity compromised can have devastating financial consequences.

A lack of consistency to verifying the identity of clients has left individual tax practitioners vulnerable to attack. Practices that retain client identity documents insecurely are also at greater risk of having these documents stolen through physical break-ins.

The ATO’s draft guidance encourages tax practitioners to voluntarily start adopting the new client verification standard immediately, with the view for the standards to become compulsory in the future following an initial transition period and further consultation with the tax profession.

ATO Assistant Commissioner Sylvia Gallagher confirmed there was not an expectation that tax practitioners need to go back and verify the identity of their entire client base as part of the transitional approach.

"We’re asking that they perform identity checks from this point on, at the next opportunity in their normal dealings with clients,” Ms Gallagher said.

Inviting feedback on the TPB’s draft guidance, the TPB chair Ian Klug said, “We value the support of the tax profession in implementing these important controls to better protect the Australian community from tax fraud through identity crime.’’

Mr Klug further said the TPB’s guidance would apply to all registered tax practitioners regardless of whether they use the ATO’s online services or not.

“The Tax Agent Services Act 2009 does not expressly set out minimum requirements for tax practitioners to verify a client’s identity. However, there are implications under this Act if tax practitioners fail to take reasonable steps to ensure the identity of their clients is established. Our draft guidance provides practical guidance and examples so tax practitioners do not fall foul of their obligations and put their registration and business at risk,” Mr Klug said.

Tax practitioners who are unable to successfully verify a client’s identity and suspect potential fraud should contact the ATO on 1800 467 033.

The ATO’s draft guidance is available on the ATO website. The ATO is seeking feedback from tax practitioners. Submissions can emailed to This email address is being protected from spambots. You need JavaScript enabled to view it..

The TPB’s draft practice note is available on the TPB website. Submissions can be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it. or sent by mail to GPO Box 1620, Sydney NSW 2001.

Submissions are due to the ATO and the TPB by June 10, 2021.

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ON THIS International Day of Mourning, which commemorates those who have died at work, The End COVID for All campaign and the Australian Nursing and Midwifery Federation (ANMF), have come together to pay tribute to the 3,000 nurses across the world who have died from COVID-19 since the pandemic began.

Tragically, that is more nurses than the total of nurses who died throughout the entirety of World War One.

“Nurses around the world have been at the forefront during the fight against COVID-19. Today, we stop and reflect on their extraordinary commitment, dedication and the sacrifices they made for those people in their care,” ANMF acting federal secretary, Lori-Anne Sharp, said today.

“Sadly, their efforts in caring for people suffering from COVID-19 has come at a considerable cost, with thousands of nurses across the world losing their lives. And we must honour their service to the community.

“Many nurses across the region are exhausted and depleted. They have been running on adrenaline to keep their communities healthy and stop the spread of COVID-19. A lot of nurses are experiencing burnout and stress, related to the pandemic response.”

TShe said there must be increased investment in the size and training of the Asia-Pacific health workforce and sufficient supplies of vital Personal Protective Equipment (PPE), adequate fit testing and access to appropriate diagnostic and medical equipment.

“We need a serious financial and political commitment to expand nurse numbers and provide nurses with the training and equipment needed to provide safe patient care and prevent healthcare worker infections," Ms Sharpe said.

The End COVID for All campaign is calling for the Commonwealth Government to invest at least $1 billion to boost the COVID-ravaged health systems of the Asia-Pacific, to better support nurses and their patients on the frontlines of the pandemic.

Reverend Tim Costello, of the End COVID for All campaign, said the Australian Government could do its part to strengthen the regional effort.

“Right now in Papua New Guinea, top health experts warn we could have one million COVID cases within weeks. In this crisis it’s hard to think of a smarter investment than in nurses and health support for our near neighbours,” he said.

“Whilst the Australian Government have made a contribution in the region, they can and must go further. We must invest in the nurses, hospitals and health equipment that gets our mates in nations like PNG through this crisis and helps them to rebuild for the future.

“Many of our neighbours were already battling diseases like tuberculosis, HIV and malaria before COVID hit. The pandemic has made that so much harder. They need our support."

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THE Parliamentary Joint Committee on Intelligence and Security will hold two public hearings this week for its Inquiry into extremist movements and radicalism in Australia.

Various government agencies and organisations will speak at the hearing on Thursday while the Friday hearing will hear from civil society groups, academics, and tech companies.

Committee chair Senator James Paterson said, "These hearings will provide the committee with a solid base of evidence to this Inquiry. The committee is looking forward to discussing this significant national security topic with some of the leading experts in the field of extremism and radicalisation."

Due to COVID-19 restrictions, teleconference and video conference facilities will be used to connect witnesses to committee members. The hearings will be broadcast live on the Watch Parliament website.

Further information on the inquiry can be obtained from the committee’s website.

Public Hearing Details:

Thursday, 29 April 2021
10am – 4pm (AEST)
Committee Room 2R1, Parliament House, Canberra

Friday, 30 April 2021
10am – 4.30pm (AEST)
Committee Room 2S1, Parliament House, Canberra

Programs for both hearings can be found on the Committee's website.

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COVID-19 has drawn more investor interest to the health sector, particularly companies using genomics technology. It is shaping up as a hot area for venture capital firms in 2021, according to Stoic Venture Capital.

Genomics uses an organism’s whole DNA sequence to develop treatments such as vaccines or drugs. Stoic Venture Capital partner Geoff Waring said the COVID-19 pandemic revealed a greater need for investment in Australian genomics innovation.

Dr Waring said there was not enough Australian capability in the mRNA technology behind the fastest developed and highest efficacy vaccines, such as the Pfizer/BioNTech and Moderna vaccines.

“Venture capital firms see big potential for genomics technologies,” Dr Waring said.

“Example promising applications are mRNA vaccines for diseases such as malaria or HIV, precision patient-specific pharmaceuticals, or genetically engineered Chimeric Antigen Receptor (CAR) T cells which had miraculous results for even late stage cancer.”

Australian companies spun out from research in genes and genetic data are developing promising solutions that could dramatically change health care in areas such as cancer and cardiovascular disease, he said.

“The incredible efficacy and safety of mRNA COVID-19 vaccines has driven increased interest into genomics research and the genetic diagnosis and treatment of disease,” Dr Waring said.

“Using a different angle, some startups are also using artificial intelligence to identify patterns giving insights into complex genetic conditions.”

Genomics has potential application across many areas. Ophthalmology has seen promising results in Exonate, a drug development company using genomics from Australian research out of University of NSW. In February 2021 they began their phase 1b/2 clinical trial in collaboration with Janssen Pharmaceuticals.

“Exonate’s drug modulates alternative mRNA splicing to address wet age related macular degeneration, which is the leading cause of severe vision impairment for people older than 40,” Dr Waring said.

Dr Waring said investor interest in the health sector would continue to increase post-COVID-19, with venture capital firms providing critical funding to help these companies grow.

“They have to have the right value proposition, but start-ups translating genomics research into human trials are of interest,” Dr Waring said. “We are fortunate to have genomics-based research developed at leading organisations such as the Garvan Institute of Medical Research.

“Venture capital firms that understand the work of university researchers and clinicians have the best access to and understanding of the most promising innovations in life sciences.”

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an Early-Stage Venture Capital Limited Partnership (ESVCLP) and takes a collaborative approach to investing in the highest potential companies. Atlas Advisors Australia AFOF is the major limited partner for the Fund. www.stoicvc.com.au

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