The federal government’s plan to crack down on misconduct by tax advisers is ambitious. But it faces a long rocky road, based on the past fraught history.
and others on questionable behaviour across the big four firms, has created a unique opportunity for reform.the government is going for the nuclear option. It was extraordinarily unlikely that the PwC leaks would ever emerge into public view, given the multiple levels of secrecy involved.There is a vanishingly small probability that in future any tax adviser who markets tax schemes based on confidential government information will be caught out .
Meanwhile, alarm bells will be ringing at the proposal to end the overlapping and largely ineffective administration of big four firms and consultancies, with Treasury to review transparency, executive responsibility, management of conflicts of interest and dealing with misconduct. A joint Treasury-Attorney General review into abuse of legal professional privilege underlines the failure of the ATO’s attempts to negotiate a voluntary protocol. But it’s an excruciatingly sensitive area to reform.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Government reveals massive consulting crackdownFines for pushing tax exploitation schemes will increase 100-fold, reaching a maximum of $780 million, while regulators will see their powers increased as the government acts following the PwC tax leaks scandal.
Read more »
‘Not fit for purpose’: Sweeping response to PwC scandalThe government revealed the biggest crackdown on tax adviser misconduct in history in response to the PwC tax leaks scandal.
Read more »
Leaked confidentiality agreement reveals conditions for Labor's workplace reformsSky News has obtained a copy of the confidentiality agreement the Federal Government is requiring employer groups to sign if they want to take part in workplace reforms amid concerns from the business community over 'same job same pay' laws.
Read more »
Labor MP Will Fowles resigns over alleged serious assaultThe Ringwood MP has resigned from the Victorian Labor Party over the alleged assault, which the premier’s office has referred to police.
Read more »
Ousted Labor MP speaks out over alleged assaultThe Victorian MP at the centre of an assault allegation has broken his silence, strenuously denying the claims made against him.
Read more »