The Government has registered the Taxation Administration Amendment (Updating the List of Exchange of Information Countries No 2) Regulations 2021. The Regulations amend s 34 of the Taxation Administration Regulations 2017 to add Armenia, Cabo Verde, Kenya, Mongolia, Montenegro, and Oman to the list of information exchange countries for the purposes of s12-385(4) of the TAA53 (about withholding by…
Draft Practice Statement PS LA 2021/D2 issued on Thursday 30.9.2021 – it guides ATO staff on how to apply or remit administrative penalties for offences relating to electronic sales suppression tools (ESSTs). These offences include manufacturing, supplying or possessing ESSTs, or incorrectly keeping or making tax records using an ESST. Administrative penalties may be imposed by the…
The TPB, on 9 September 2021 issued a media release about a Victorian tax agent who had his registration terminated and was banned for the maximum five years. The tax agent allegedly asked his employee to complete written assessments so he could dishonestly satisfy the qualifications required for registration in 2020 and then followed up with a string of…
In a joint release on Wed 1.9.2021, the TPB and the Professional Standards Councils (the “Councils”) announced the signing of a Memorandum of Understanding (MOU) between the parties. The MOU is said to support the efforts of the Councils and TPB to work together to ensure services are delivered to consumers by competent and ethical…
On 27 Sept 2021, APRA has published a set of additional FAQs on the reporting standards for Phase 1 of the Superannuation Data Transformation project. This update includes the staged implementation approach, including an extension to the timeframe for the initial submission of data due by 30 September 2021 to due by 28 October 2021. [LTN 187, 28.9.21] The questions are designed…
The SMSF Association has urged caution on introducing a 20% threshold for auditor referral fees as part of the proposed amendments to the fee-related provisions of APES 110 Code of Ethics for Professional Accountants. SMSF Association CEO, John Maroney, said the proposed introduction of a 20% threshold for auditor referral fees will become a dominant focus…
The ATO has finalised its approved form to be used by individuals to notify their super fund of re-contributions of COVID-19 early release amounts. Since 1 July 2021, individuals have been able to re-contribute super amounts they withdrew under the COVID-19 early release program without them counting towards their non-concessional contributions cap. The ATO approved form (NAT 75394) only…
Treasury has released a consultation paper on its review into occupational exclusions in default insurance offered through MySuper products. The review will focus on default cover in respect of life and total and permanent disability (TPD) insurance which trustees are required to provide to MySuper members. The Government has expressed concern that occupational exclusions may result in default insurance…
Class Limited* has released its annual SMSF benchmark report revealing a treasure trove of data from the 2021 financial year, and analysis of how the SMSF sector performed in response to COVID-19. Class Ltd CEO, Andrew Russell, said it is interesting to see how resilient the sector has been during COVID-19, from avoiding early release mechanisms to…
APRA has published a new frequently asked question (FAQ) on the interaction between COVID-19 disaster payments and satisfying the “work test” for the purposes of personal superannuation contributions. APRA FAQ No 15 warns superannuation trustees not to assume members aged 67 to 74 in receipt of the Pandemic Leave Disaster Payment or COVID-19 Disaster Payment…