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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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Jail the Banksters instead!! BFCSA has proof Banksters created ABN for a Day Scam YEARS AGO! Low doc scandal

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Start-ups could face $10,000 fine in ABN crackdown

Thursday, 16 May 2013 09:16
Michelle Hammond

Start-ups could face fines in excess of $10,000 if they make false or misleading statements when applying for an Australian Business Number, after the Tax Office received special funding in the 2013 federal budget for a crackdown.

StartupSmart has revealed the federal government will crack down on the Australian Business Numbers regime in the hope of generating an additional $106.4 million in revenue from non-complying new businesses.

The Australian Taxation Office and the Department of Finance and Deregulation will receive more than $80 million to standardise the business name and reporting process for start-ups, which are expected to face more upfront checks.

This will ensure new companies and sole traders are adhering to the rules from the start.

The ATO was contacted by StartupSmart but declined to comment on the announcement, while Treasury and the Department of Finance and Deregulation could not be reached for comment.

But according to Pitcher Partners' partner Greg Nielsen, small businesses can expect a higher level of enquiry when registering their business, such as providing more documentation.

"I'd recommend that businesses be well prepared when putting together their application for registration and they have all the necessary information ready to go and ensure that information is correct at the time of registration," Nielsen told StartupSmart.

"That includes details of directors, the registered address of both the business and the company, any information regarding approved contracts... That's about it.

"The ATO hasn't indicated any increases to any fees associated with non-compliance or increasing penalties.

"I think it will simply be a case that the ATO will be more quick off the mark in respect to identifying any registration discrepancy."

If you do not take reasonable care and make a false or misleading statement when you apply for an ABN, you could be penalised up to $10,200.

However, if you make a voluntary disclosure about a false or misleading statement prior to being contacted by the Australian Business Register, the penalty will be reduced to nil.

According to the ATO, companies registered under the Corporations Law and businesses carrying on an enterprise in Australia are entitled to an ABN.

Applying for an ABN is not compulsory. However, if you are required to register for GST, you will need to apply for an ABN as well.

All businesses with a GST turnover of $75,000 or more must register for GST and will need an ABN to do this, while organisations with a lower annual turnover may choose to register.

You can still apply for an ABN even if you are not required to register for GST.

You need an ABN and GST registration in order to claim GST credits for any GST you have paid for goods and/or services you have used in your business.

If you are supplying goods or services, you will need to be able to quote an ABN so others do not withhold tax at the top marginal rate when they pay you.

Businesses registered for GST are required to issue tax invoices quoting their ABN.

Under the Pay As You Go (PAYG) system, businesses receiving an invoice are required to withhold tax from their payments for goods and services if an ABN is not quoted.

This article first appeared on StartupSmart.



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  • Denise
    Denise Friday, 07 June 2013

    I had a meeting with Tax Investigators in Sept 2005 and explained the ABN for a day scam on Low Docs. They said:"This is a job for ASIC." I said: "yes indeed." Usual regulatory Merry-Go-Round complete with MOU's. Emails on BFCSA website (see LINKs in breaking news) are having an effect. [email protected]

  • doyla66
    doyla66 Friday, 07 June 2013

    OMG...this is a job for ASIC!
    Corrupt ASIC?
    I'm just picking myself up off the floor.

  • doyla66
    doyla66 Saturday, 08 June 2013

    A deterrent to stop people from co-operating with just piece of bank fraud?
    Or more "can't you see we're doing something"?
    How long did that take?
    ATO are hitting the tail instead of the tiger ... and a whole lot of rich tigers are laughing into their lattes over the ATO efforts ...
    BFCSA written evidence contains proof that Banks and brokers arranged ABNs for the borrower to qualify for a loan. So do eyewitness accounts and personal statements.
    I guess it's a start at closing up the gaps in the rorting and lending system ... and for that we should be grateful? (sigh)
    Get serious - freeze our home loans ... you know, the ones that fell between the gaps, before policy makers and legislators started to shake the scales from their eyes ... and extinguish all fraud loans since ... regardless of whatever Jon Denovan, lenders and ASIC say ... we're the ones stuck in the EDR "system" ... give us some peace of mind and sense of safety ...

  • doyla66
    doyla66 Saturday, 08 June 2013

    EXACTLY LISA - We're the ones stuck in the EDR 'system".. give us some peace of mind and sense of safety AND EXTINGUISH ALL FRAUD LOANS

  • doyla66
    doyla66 Saturday, 08 June 2013

    Absolutely, Change.
    Extinguish all Fraud Loans - we're effectively "victims" of the failed system.
    That does not give the Banks the right to repo our homes - now or ever - or stress us to pieces.
    C'mon government - own it please and/or just fix it now.
    Fraud wasn't our doing or our fault.
    We would like to "clean house", put this terrible episode behind us and get on with our lives.

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