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New tax agent laws may catch franchisors
Written on the 23 February 2010 by Fiona Taylor
New Federal Government laws, commencing on March 1 this year, may catch out franchisors who provide franchisees with tax or business activity statement (BAS) services to assist with tax law obligations.
This relates to tax laws such as GST, PAYG and FBT.
Under the new legislation franchisors offering assistance to franchisees may be required to register as an agent with the newly formed Tax Practitioners Board.
Fines up to $27,500 for an individual or $137,500 for a body corporate may apply if the legislation is breached.
Author: Fiona Taylor