Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
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Federal Budget 2018 - Overview
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Articles
Fringe Benefits Tax and Odometer Readings
Tax Office Interest Rates Released
Wash Sales
Tax Office Warns of Email Scam
CV (and other Employee) Fraud
Over $20,000 in Tax Last Year?  Lodging your 2007 Income Tax Return
The Real Cost of Fire!
Australians with Terminal Illness
Hobby or Recreation
Trademark Scams
Tax Changes Under Labor
Anti-Money Laundering
Child Care Benefit - Refunds Earlier
Anti-Money Laundering
Rules to impose obligations upon activities in the finance industry impact upon innocent participants.

The introduction of the Anti-Money Laundering and the Anti-Terrorism Financing Act on 12th December 2007 will impose obligations upon Fund Managers, Responsible Entities, Trustees, AFS Licensees and Accountants.

There will be obligations imposed upon these bodies to have systems and procedures to allow then to identify and verify investors in breach of the new laws.

Whilst this may only impact some clients when opening a bank account or commencing an investment, any assistance provided by an accountant is subject to the new laws.

Despite us having known clients for many years, identification and verification obligations will be imposed which will require proof of identity by means other than Tax File Numbers.

 

 

 

 



23rd-January-2008