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…

ASIC warns consumers about ads recommending SMSFs purchase properties through NRAS [59]

ASIC has warned consumers about advertising that promotes the use of self-managed super funds (SMSFs) to invest in residential properties through the National Rental Affordability Scheme (NRAS). That Scheme is run by the Federal Government in partnership with the states and territories to promote investment in affordable rental housing. The Scheme offers direct payments and…