The Senate on Tue 26.2.2013, agreed to a motion put by Greens Leader Senator Milne that a number of matters concerning the Minerals Resource Rent Tax (MRRT) be referred to the Senate References Committee on Economics for report by 6 May 2013. Those matters included the operation of the mining tax re the revenue shortfall that has…
The Government on Tue 19.2.2012, announced appointments to the Australian Charities and Not-for-profits Commission (ACNC) Advisory Board. The Assistant Treasurer said Mr Robert Fitzgerald AM would be Part-time Chair, with Ms Fiona McLeay as Part-time Deputy Chair. Other members appointed to the Board include: Ms Gina Anderson; Mr Paul O’Callaghan; Professor Myles McGregor-Lowndes OAM; Ms…
The commencement of the Australian Charities and Not-for-profits Commission (ACNC) now means that some of the most common dealings and obligations for charities currently registered with ASIC will be now be with the ACNC. Chartered Secretaries Australia (CSA) has reminded public companies limited by guarantee, proprietary companies limited by shares, registered Australian bodies, or foreign…
Assistant Treasurer David Bradbury on Wed 13.2.2013, released the Inspector-General of Taxation’s Review into improving the self-assessment system, together with the responses by the Government and the ATO. The Inspector-General made 33 recommendations to the ATO and the Government on ways to improve taxpayer certainty, reduce compliance costs and rebalance taxpayer protections. [The Inspector-General had given…
On 29 November 2010, an options paper, Regulation of tax agent services provided by financial planners, was released for public consultation. Following an ongoing consultation process and the announcement of these changes in the 2012-13 Mid-year Economic and Fiscal Outlook (MYEFO), the Government on Fri 8.2.2013, released draft legislation to implement this new regulatory regime. It will…
The Tax Practitioners Board has released information for those applying to register or renew their registration as an individual tax agent. They will need to have enough relevant experience in providing tax agent services. Relevant experience can include work: as a registered tax agent; under the supervision and control of a registered tax agent; as…
ASIC has advised that a former self-managed superannuation advisor was on Wed 20.2.2013 sentenced in the NSW District Court, Downing Centre in Sydney to concurrent suspended sentences of 18 months imprisonment after pleading guilty to 2 charges brought by ASIC of obtaining financial advantage by deception. Charges were brought by ASIC following an investigation into…
The Tax Office has reported that a trustee of an SMSF was recently sentenced to 6 months imprisonment, serving a minimum of 14 days, after pleading guilty to dishonestly contravening a civil penalty provision of the SIS Act. In its latest SMSF News (Edition 25), the Tax Office said the SMSF trustee had withdrawn almost…
Sex Discrimination Commissioner, Elizabeth Broderick, has released a report that suggests 11 areas of reform that will value unpaid caring in Australia and remove what she said was the lifelong disadvantage experienced by many people who care. Launching the Commission’s Investing in care: Recognising and valuing those who care report in Sydney, Commissioner Broderick said…
In relation to the provision of financial advice through superannuation funds, the Parliamentary Secretary to the Treasurer, Bernie Ripoll, has reminded funds that the Government’s Stronger Super and MySuper reforms stipulate that funds can’t charge members collectively for financial advice, other than for intra-fund advice. Members seeking complex personal advice must bear the cost of…