Tax Inspector-General’s 2012-13 Annual Report released – ATO treating IGT as independent consultant; IGT raising isolated incidents with ATO [65]

The Inspector-General of Taxation Annual Report 2012-13 has been released. The Inspector-General Ali Noroozi said there has been a gradual shift in the ATO’s perceptions of the IGT and increasingly, the ATO is appreciating that, in addition to being a scrutineer, the IGT’s office “can also play a role as an independent consultant”. Mr Noroozi…

Certified Practicing Accountants Australia (CPA) releases new guide for charities’ accounts [63]

CPA Australia on Tue 15.10.2013, released a guide focussed on helping Australian charities meet new financial reporting obligations. CPA Australia chief executive Alex Malley FCPA said the new guide, Charities – A guide to financial reporting and assurance requirements, provides charities with a detailed explanation of the new requirements established following commencement of the Australian…

*SMSF trustees who become a ‘disqualified person’: Tax Office reminder of obligation to cease being a trustee and remove their interest from the fund [60]

The Tax Office has issued an SMSF News Alert reminding trustees of their obligations if they become a “disqualified person” under s 120 of the SIS Act. The Tax Office notes that if a trustee of an SMSF (or a director of the corporate trustee of an SMSF) becomes a “disqualified person”, the person is not…