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.

In recent years, we’ve seen a significant increase in phishing attacks, ransomware, data breaches and business email compromise impacting professional services firms. At the same time, regulatory expectations around data protection and cyber resilience continue to rise.

In this episode of TaxYak, Senior Tax Trainer George Housakos is joined by Caillin Goss, Jen Pascarl and Jacques Louw from Priority Networking and Greg Gardiner from Count.

This podcast is the first in a two part Cyber Security Series. This session focuses on the key statutory and regulatory requirements firms need to be aware of, including privacy obligations, data security expectations, and what “reasonable steps” actually means in practice.

This session will also unpack some of the most common questions we hear from accounting and wealth advisory firms, such as:

• What are my legal obligations if there’s a data breach?
• How far does my responsibility extend when using cloud providers and third-party platforms?
• What does the regulator expect in terms of governance, documentation and controls?
• And how do I balance compliance with practical, day-to-day operations?

Our aim is to give you clarity on your obligations, highlight where firms typically fall short, and help you understand why cyber security is no longer just an IT issue – it’s a core business risk.

Special Offer: Priority Networking are offering all Tax Yak listeners a $2,400 comprehensive cybersecurity assessment. This covers the Essential 8 Framework and other key cybersecurity measures, including your policies and procedures, and will help assess whether your business has the capabilities to prevent, detect and respond to cybersecurity incidents, should they occur in your business.

Find out more

The post Episode 71: Cyber Security for Accounting & Wealth Firms: Cyber Threats and Your Compliance Obligations appeared first on TaxBanter.

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.

George is a CPA and brings over 25 years of tax expertise, including 20 years at the Australian Taxation Office where he specialised in disputes and interpretative advice. He also has substantial experience in training and assessment within the TAFE sector. George is well known for his practical and pragmatic approach to providing taxation and superannuation advice.

This podcast explores the challenges businesses must address when financing their activities. For further insights, consider signing up to TaxBanter’s special topic on “Financing business activities,” which will examine the various forms of debt and equity financing, as well as their tax implications. Topics covered include:

• The debt-equity rules
• Hire purchase versus lease finance
• Leases of luxury cars
• Commercial bills
• Working capital funding
• Non-recourse debt
• Loans between related parties
• Refinancing

Listen to Episode 70:

The post Episode 70: Denying tax deductions for ATO interest charges appeared first on TaxBanter.

In this episode of TaxYak, our Senior Tax Trainers Phillip London and George Housakos yak with Arthur Athanasiou, Tax Partner at Thomson Geer. They take a 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.

For example:

• Taxpayer strategies for UPEs for year ending 2024
• Taxpayer strategies for UPEs for year ending 2025
• What’s next (Special Leave application to the High Court/Extension of time to file/Test Case funding)
• Taxpayers appeal and objection rights
• Tax Agent Services Act and Breach Reporting Regime risks
• Will the Commissioner now look more closely at other taxation risks:
  • Section 100A Reimbursement Agreements
  • Subdivision EA of Division 7A
  • Part IVA Tax Evasion

The Bendel decision is not a green light that Division 7A cannot be triggered for UPEs. We hope you enjoy this episode of TaxYak.

Listen to Episode 69:

The post Episode 69: Beyond Bendel: When is a UPE not a loan? appeared first on TaxBanter.

In the highly anticipated final instalment of our three-part Tax Yak podcast series, George Housakos sits down once again with Nicholas Giasoumi, Director at Dye & Co., to shed light on small business restructures in 2024.

With a focus on eligibility and practical application, this episode dives into the complexities of restructuring options for small businesses. Whether you’re facing financial uncertainty or looking to take proactive steps to safeguard your business, Nicholas offers clear, actionable advice to guide you through the process.

Here’s what you’ll learn:

• The key eligibility criteria for small business restructuring in 2024.
• Strategic steps to maximize the benefits of restructuring.
• How to avoid common pitfalls during the process.

As a trusted expert in personal and corporate insolvency, Nicholas brings decades of experience helping businesses across a range of industries navigate financial challenges. His advice is tailored to help you make informed decisions and take control of your financial future.

Catch Up on the Full Series

• Episode 66: Responding to ATO Enforcement Notices – Tricks, traps, and time bombs for managing Director Penalty Notices, Statutory Demands, and more.
• Episode 67: Bankruptcy Essentials & Small Business Restructures – What bankruptcy means for your assets and whether restructuring is an option.

Don’t miss this invaluable series to help tax professionals and business owners navigate ATO enforcement notices and insolvency with confidence.

Bonus for Tax Yak Listeners

Nicholas is offering a free 1-hour consultation to any Tax or BAS Agent who refers a case to Dye & Co.

The post Episode 68: Navigating Small Business Restructures appeared first on TaxBanter.

In this episode of Tax Yak, George Housakos sits down with Nicholas Giasoumi, a seasoned chartered accountant, registered liquidator, and trustee in bankruptcy, to demystify the complex world of bankruptcy. This is the second instalment in our three-part series with Nicholas.

In Episode 66, we explored ATO-issued notices such as Director Penalty Notices, Statutory Demands, and more.

Now, in Episode 67, Nicholas addresses the burning question: Will I lose my house if I declare bankruptcy? Topics include:

• What happens to mortgaged houses
• Equity considerations
• Joint ownership and its implications
• Trustee actions regarding personal property and partner assets
• Outcomes for your house after bankruptcy concludes

Nicholas also shares case studies—successes and challenges in his role—and clarifies other common concerns, including asset retention and the duration of bankruptcy.

Don’t miss Episode 68, where we discuss Small Business Restructures in 2024 and eligibility requirements!

The post Episode 67: Bankruptcy Essentials & Small Business Restructures appeared first on TaxBanter.

In this episode of Tax Yak, host George Housakos sits down with Nicholas Giasoumi, a highly respected Director at Dye & Co., chartered accountant, registered liquidator, and trustee in bankruptcy. This marks the start of a powerful three-part series where Nicholas brings decades of experience to help you understand crucial aspects of debt enforcement and insolvency.

Host: George Housakos, Senior Tax Trainer, TaxBanter
Guest: Nicholas Giasoumi, Director at Dye & Co

Dive into the best practices for handling ATO-issued Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.

Tune in to gain practical insights for navigating ATO debt issues effectively, with special tips on handling Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.

Listen to Episode 66
Responding to ATO Enforcement Notices: Tricks, Traps, and Time Bombs

The post Tax Yak Episode 66: Responding to ATO Enforcement Notices appeared first on TaxBanter.

In this 2 part episode series of Tax Yak, George Housakos yaks with Vincent Licciardi on two very hot issues for the new financial year of 2024/25: The new tax agent breach reporting regime and the new Code of professional conduct determination.

Host: George Housakos | Senior Tax Trainer, TaxBanter
Guest: Vincent Licciardi | Partner, HWL Ebsworth

This episode, they focus on the new Legislative Instrument registered on 2 July 2024 titled Tax Agent Services (Code of Professional Conduct) Determination 2024 (for registered tax agents and BAS agents), which took effect from 1 August 2024 – although transitional rules have been announced which will give practitioners an extension until next year provided ‘genuine steps’ towards compliance have been made. Registered tax practitioners need to pay immediate attention to the Instrument, as it introduces new obligations under the Code administered by the TPB and action should be taken now to show that ‘genuine steps’ toward compliance have been made.

New Code obligations include:

• Notifying current and prospective clients about any matter that could significantly influence their decision to engage you as their registered tax practitioner
• The requirement for you as the tax practitioner to take corrective action in relation to a false, incorrect or misleading statement to take all necessary corrective steps:
  • where the tax practitioner made the statement – to correct the statement; or
  • where the tax practitioner prepared the statement – to advise the maker of the statement that it should be corrected;
  • where the tax practitioner prepared the statement and the maker of the statement does not correct the statement within a reasonable time – notify the TPB or ATO.
• Other additional obligations include:
  • Keeping of proper client records
  • Ensuring tax agent services provided on your behalf are provided competently
  • Quality management systems

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Want to get maximum understanding of the recent reforms and planned changes? Join us on 30 August for our comprehensive webinar tax practitioner breach reporting and beyond!

The post Tax Yak Episode 65: TPB matters (Part 2) appeared first on TaxBanter.

In this 2 part episode series of Tax Yak, George Housakos yaks with Vincent Licciardi on two very hot issues for the new financial year of 2024/25: The new tax agent breach reporting regime and new Code of Conduct of professional conduct determination.

Host: George Housakos | Senior Tax Trainer, TaxBanter
Guest: Vincent Licciardi | Partner, HWL Ebsworth

This episode, we will focus on the new tax agent breach reporting regime, whereby the TPB has provided guidance material pursuant to TPB (I) D53/2024 (which came into effect on 1 July 2024, whereby tax practitioners (which includes Tax and BAS agents) gain an understanding of the updated breach reporting obligations under section 30-35 and 30-40 of the Tax Agents Services Act (TASA) 2009.

These obligations require registered tax practitioners to mandatorily report on two matters:

• ‘Significant breaches’ of the Code of Professional Conduct in the TASA relating to their own conduct to the Tax Practitioners Board (TPB); &
• ‘Significant breaches’ of the Code of Professional Conduct by other tax practitioners in the TASA to the TPB and the recognised professional association of that tax practitioner.

Want to get maximum understanding of the recent reforms and planned changes? Join us on 30 August for our comprehensive webinar tax practitioner breach reporting and beyond!

The post Tax Yak Episode 64: TPB matters (Part 1) appeared first on TaxBanter.

In this episode of Tax Yak, our host Tristan Webb chats with Christopher Ryan at the Australian Taxation Office, about the ATO’s recently finalised guidance on section 100A.

Host: Tristan Webb | Tristan on LinkedIn >

Guest: Christopher Ryan, Assistant Commissioner, Engagement and Assurance Services, Private Wealth Business Line, ATO

Want to get your Section 100A understanding to the next level?

Get our recording of our presentation Section 100A: Where are we now? 

Register for the recording >

The post Tax Yak Episode 63: Section 100A – reimbursement agreements appeared first on TaxBanter.