Episode 2: ATO Tax Debt Collection Policies, Review of eligibility requirements for registration with the TPB, and Shareholder Loans

In this episode of the BK Pod, we provide bookkeepers with updates on the latest news, legislative changes, and industry updates relevant to the industry. Kelvin Deer, ABN/ABA Director, and Hank De Jonge, Director of De Jonge Read, discuss the ATO's increased efforts to collect outstanding tax debts, which have grown significantly, and emphasise the severe implications for businesses with tax debts and provide advice on proactive measures to handle these debts. ABA Directors Peter Thorp and Kelvin Deer review the new determination and its impacts on the bookkeeping profession. They discuss the government's consultative approach in response to the PwC debacle and outline key points from the government's discussion paper on TPB registration requirements. And Darren Hagarty, ABN Director, highlights the recent edition of the Bookkeepers Knowledge Base on shareholder loans and Division 7A, in which he explains the legislation, its implications for bookkeepers, and provides practical guidance on managing these loans to support accountants' year-end work.ATO Aggressive Tax Debt Collection PoliciesKelvin Deer, ABN/ABA DirectorGuest: Hank De Jonge, Director of De Jonge ReadDiscussion on ATO's more aggressive tax debt collection policiesATO's increasing collectible tax debt from $26 billion in 2020 to over $50 billion in 2024Implications for businesses with ATO debtATO's use of tools such as reporting overdue tax debt to credit reporting agencies and issuing directors' penalty noticesAdvice for businesses facing ATO debt: don't ignore the issue, seek help, and take proactive measuresFind out more about De Jonge Read here: www.djra.com.au/Review of eligibility requirements for registration with the Tax Practitioners BoardPeter Thorp, ABA DirectorGuest: Kelvin DeerDiscussion on the Review of eligibility requirements for registration with the Tax Practitioners BoardOverview of government response to the PwC debacle and new initiativesKey points from the government discussion paper on TPB registration requirementsImpact on bookkeeping community and relevant changesEmphasis on the importance of consultative processes for better outcomesRead the consultation paper here: Consultation paper: Review of eligibility requirements for registration with the Tax Practitioners Board (treasury.gov.au) Shareholder Loans and Division 7ADarren Hagarty, ABN DirectorFocus on the recent edition of the Bookkeepers Knowledge Base (BKB) on shareholder loans and Division 7AOverview of Division 7A legislation and its implicationsPractical guidance for bookkeepers on managing shareholder loansImportance of complying loan agreements, maintaining separate loan accounts, and accurate recording of transactionsRead the BKB here: https://www.austbook.net/membersbkb Don't forget to grab your ticket to The Bookkeeper Event in October here! You can see the full agenda here