Daily Archives: November 24, 2021

History of the Taxpayers’ Charter – IGTO encourages public to share their views on how the Charter could be improved

On Monday 22.11.2021, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) has today released a brief history of the Taxpayers’ Charter.  The paper is intended to serve as a thought leadership document to encourage feedback and recommendations from stakeholders about how the Charter could be improved. The history of the Charter highlights:  the importance of the role…

FYYB v CofT – SMSF penalty upheld for breach of borrowing rules – $32k remitted down to $7,500

The AAT, recently, upheld the penalties imposed on an SMSF for borrowing funds in contravention of s 67(1) of the SIS Act – for borrowing from a member, and not rectifying it, for over 3 years. The facts were these. Sometime in 2015, one of the members of the SMSF borrowed $220,000 from a bank which…