Episode 73: The AML Tranche 2 Deadline Accountants Can’t Ignore
In this episode of Tax Yak, your co-host George Housakos (Senior Tax Trainer – TaxBanter) yaks with Conrad Gilbert (Knowledge Shop) -in order to determine if your accounting firm is ready the new AML/CTF Tranche 2 Mandatory Reporting Obligations to the Australian government statutory regulatory agency.
AI and the Code of Professional Conduct: What Tax Practitioners Need to Know
The draft clarifies that using AI does not reduce or transfer a tax practitioner’s professional responsibilities. Practitioners remain fully accountable for the accuracy and quality of the services they provide, regardless of whether AI tools are used.
Episode 71: Cyber Security for Accounting & Wealth Firms: Cyber Threats and Your Compliance Obligations
Accounting and wealth advisory firms are increasingly prime targets for cyber criminals. You’re holding highly sensitive financial and personal information, and attackers know that even a small vulnerability can have serious consequences – not just financially, but reputationally as well.
What did Parliament do this year? 2025 Tax legislation status summary
You could be forgiven for thinking that Parliament has not done a lot in respect of tax legislation for the 2025 calendar year.
Payday super – the next instalment
On 9 October 2025 the Government introduced Bills and an Explanatory Memorandum into Parliament to align the payment of eligible superannuation guarantee (SG) contributions with the day employees are paid their qualifying earnings.
Episode 70: Denying tax deductions for ATO interest charges
In this episode of Tax Yak, Tiffany Douglas chats with colleague George Housakos, senior tax trainer at TaxBanter, about a significant issue facing the tax profession from 1 July 2025: taxpayers will no longer be able to claim an income tax deduction for ATO interest charges.
The farmer, the property and the tax man
It could be said that the application of the respective taxation principles, as they apply to capital or revenue treatment on the disposal of property (real or intangible), or to other assets such as financial securities, are long held.
Episode 69: Beyond Bendel: When is a UPE not a loan?
In this episode of TaxYak, we deep dive into the burning issues resulting from the Full Federal Court’s 3:0 decision in favour of the taxpayer in FCT v Bendel issued on 19 February 2025, where an Unpaid Present Entitlement (UPE) was found not to be a loan for the purposes of Division 7A Income Tax Assessment Act (ITAA) 1936.
The Bendel Case: When is a UPE not a loan?
On 19 February 2025, the Full Federal Court (FFC) handed down its eagerly awaited decision in Commissioner of Taxation v Bendel [2025] FCAFC 15 (the Bendel case) where it concluded that an unpaid present entitlement (UPE) is not a loan under s.109D(3) of Division 7A of the Income Tax Assessment Act 1936.
While the case is potentially significant, we will have to wait and see whether anything actually changes in the longer run.
CGT Event K6: The Sleeper Tax Trap Unveiled in the ATO’s Latest Ruling
Where a shareholder has acquired shares in a private company or units in a unit trust, that were acquired prior to 20 September 1985, such interests are generally considered a ‘pre-CGT’ asset when disposed.
However, where the market value of post CGT assets held by a company or a trust represent at least 75% of the net value of that company or trust, at the time of the disposal of the interest, that disposal of the so-called ‘pre-CGT’ interest by a shareholder or unit holder, may be subject to CGT.
