RECOMMENDATIONS to support the recovery of the Australia’s arts and cultural sector, after the significant impacts of the bushfires then COVID, will be laid out in a report released today by the House of Representatives Communications and the Arts Committee.

The committee is taking the stance that Australia is home to a vibrant and diverse landscape of creative and cultural industries and institutions, which form a vital part of its culture, identity, and economy. As home to the world’s longest continuously living culture, Australia boasts a unique and invaluable artistic and cultural identity.

Communications and the Arts Committee Chair, Anne Webster MP, said, "Australia’s cultural industries were significantly impacted by recent events – including the bushfires of 2019 and 2020 as well as COVID-19 – which resulted in the closure of public venues, performance spaces, community hubs and Indigenous artistic centres.

"The committee recognises the resilience, adaptiveness and innovation shown by the industry in dealing with these significant challenges.

"The committee has made 21 recommendations that will support the recovery of the industry, maximise employment, and contribute to economic growth," Dr Webster said.

"A healthy, sustainable arts industry will allow Australia’s creative and cultural industries and institutions to emerge from the COVID-19 public health emergency and allow Australia’s arts to reach new heights," she said.

The report can be accessed from the committee’s website.

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THE House of Representatives Standing Committee on Tax and Revenue has today presented its report titled 2018-19 Commissioner of Taxation Annual Report. The report focuses on matters arising over the 2018-19 financial year with further insights on the taxation system more broadly.

In its report, the committee made 19 recommendations to deliver better services to taxpayers and improve the efficiency of the administration of Australia’s tax system. Based on the needs of the Australian tax system, the committee recommended upgrading the Inspector General of Taxation to an office based on the ‘Taxpayer Advocate,’ as developed in the US.

The committee’s recommendations also include proposed amendments to legislation that provides taxpayers with protections when dealing with debts; specifically, to ensure that a debt is not payable until a final determination is made by a relevant dispute body or court.  

Further, the committee advocated for the use of blockchain and other leading technologies to optimise the use of the Australian Business Register and minimise any ongoing costs of maintaining it. In relation to reporting, the committee recommended that the Australian Taxation Office provide more detailed reporting for each financial year to reflect both the number of complaints, feedback and compliments received, as well as the complaints resolved within the relevant timeframes.

Committee Chair, Jason Falinski MP said, "I believe this report to be a very important contribution to tax administration in Australia. It highlights a number of legislative frameworks that the government should change in order to provide taxpayers with better service."

Mr Falinski said, "the Australian Taxation Office has undertaken considerable reform and restructuring recently and is staffed by experienced and dedicated people who are to be congratulated for having got us through the economic chasm of COVID. However, some if its functions have been neglected, and moreover, there is considerable expertise in this country, human and technological, waiting to be deployed in many areas of taxation. We encourage urgent intent in this area to get ahead of the global curve."

A full copy of the committee’s report can be found on the inquiry’s website.

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THE Tax Practitioners Board (TPB) has terminated the registration of tax agent Reis Cibala Kaluka and banned him for two years after investigations revealed he allowed an unregistered preparer, Namro Services Pty Ltd (Namro Services), to provide tax practitioner services on his behalf.

Namro Services had previously been terminated by the TPB.

Mr Kaluka allowed Namro Services – who he knew to have been terminated by the TPB – to use his registered agent number and access client data via the Australian Taxation Office’s Online services for agents. Namro Services then invoiced and received client tax refunds directly, resulting in four client refunds being misappropriated.

Namro Services also amended two client income tax returns (ITRs) during pre-issue audits and amended four client business activity statements (BAS) resulting in cash flow boost payments being disallowed.

TPB chair, Ian Klug said, "Mr Kaluka’s failure to act honestly and with integrity and to provide adequate supervision over the unregistered preparer caused significant detriment to multiple clients. Such behaviour puts the Australian community at risk and casts a shadow over those tax agents who do good work.

"The TPB has a duty not only to maintain the integrity of the registered tax practitioner profession, but to also protect consumers who fall victim to unlawful tax practitioners like Mr Kaluka."

TPB investigations also revealed that Mr Kaluka failed to lodge BAS, ITRs and tax file number (TFN) declarations relating to his own personal affairs and two companies of which he is the sole director.

"By failing to ensure his associated entities were complying with their tax affairs, those entities were subsequently placed into liquidation. He then allowed one company to engage in insolvent trading. This clearly demonstrates a pattern of widespread and reckless behaviour," Mr Klug said.

Based on the findings of the investigation, the TPB determined that Mr Kaluka is no longer fit to provide tax agent services, terminated his registration, and prohibited him from applying for re-registration for two years.

To report a dishonest or unregistered tax practitioner, submit a complaint to the TPB.

About the Tax Practitioners Board

The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.  Twitter_@TPB_gov_au, LinkedIn and Facebook.

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THE House of Representatives Standing Committee on Tax and Revenue has today (Monday) presented its report titled The Development of the Australian Corporate Bond Market: A Way Forward.

Corporate bonds are a type of debt security, issued by entities to finance their business operations. In its report, the committee makes 12 recommendations to support the development of a more active corporate bond market in Australia.  

The committee’s recommendations aim to remove barriers to the issuing of corporate bonds as well as raise awareness about the benefits of corporate bonds, both for investors and issuers. Specifically, the committee’s recommendations include ensuring that investors have access to timely and useful information about corporate bonds, lowering the minimum investment parcel to $1,000 for corporate bonds, to improve accessibility to more investors, reviewing the licensing regime for credit rating agencies to minimise access barriers, and streamlining disclosure requirements for the issuing of simple corporate bonds. 

The committee’s recommendations also include proposed amendments to the relevant regulations to allow for the early redemption of simple corporate bonds, as well as a review of Chapter 2L of the Corporations Act 2001 (Cth) with the aim of increasing the availability of trustees for the retail bond market.

Further, the committee recommends a review of the regulatory reforms implemented in New Zealand’s corporate bond market to further develop and make more liquid Australia’s corporate bond market.

Committee chair, Jason Falinski MP, advocated for regulatory changes in this space.

"It is the hope of this committee that the government will commence implementing recommendations as soon as possible as each recommendation will result in unleashing the considerable power of the corporate bond market in Australia," Mr Falinski said.

A full copy of the committee’s report can be found on the inquiry’s website.

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