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This page is used by our firm to highlight important breaking tax news that affects taxpayers and advisors and will require their immediate attention .

TAX AGENTS & THE PROVISION OF LEGAL SERVICES

For some time now we have been concerned that tax agents may be at risk when they provide certain services to their clients.  Unresolved concerns exist where tax agents do any of the following for their clients:-

  • draft trust distribution resolutions or minutes;
  • draft or use Division 7A loan agreements;
  • draft, use or establish trust deeds; or
  • provide advice on State taxes.

There may be other services which tax agents provide which may put them at risk besides those listed.  If you do any of these things and you are not also a legal practitioner, you should read the attached TAX-ACTION as you may be taking risks and breaching laws without realising it!

TAX-ACTION August 2012

We are not the only tax professional who has these concerns.  Those interested should also look at the feature article prepared by Chris Wallis, Barrister – Victoria Bar (Greens List) published in Taxation in Australia (Volume 45(10)) which provides a far more technical analysis of this issue and which is attached (with permission):-

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