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:

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:

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.

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!

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

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!

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!

Our Senior Tax Trainers correct some of the misinformation around Work Related Expenses and the areas the ATO is focussing on for the year ended 30 June 2022.