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Promoter penalties - don't be fooled you may be at risk paper

Published on 04 Apr 06 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

This paper provides practical advice in the following areas:

  • how you can draft engagement letters to make clear your role
  • how you can still obtain the mere advice exception when also drafting documents and preparing accounts
  • when you will be acting as more than an adviser and have a penalty exposure
  • whether you have a problem if the promoter uses your advice letter in the marketing material and, if so, how you can protect yourself.
This paper includes some minor updates made by Mark Robertson for presentation on 15 February 2007 at the 2007 Financial Services Taxation Conference held on the Gold Coast and on 23 February 2007 at the Promoter Penalties seminar held in Brisbane.

Author profile:

David J WILLIAMS
David Williams FTIA is a Strategic Adviser in relation to taxation matters. He has been involved in taxation matters for over 30 years, the last six as a sole practitioner, and has been tracking the evolution of the AMLCTF legislation and its likely impact on service providers for the last three years. David is the author of Investigations by Administrative Agencies.
Current at April 2009
Click here to expand/collapse more articles by David J WILLIAMS.
 

This was presented at 2007 Financial Services Taxation Conference: Financial Services Unleashed .

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