IGT review of self-assessment system: report released [80]

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…

Tax agent services by financial planners: draft legislation and outline paper released [81]

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…

*SMSF adviser sentenced to 2 concurrent suspended sentences of 18 months in prison for pleading guilty to 2 charges of gaining financial advantage by deception [56]

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…

Report encourages tax and super changes to reward unpaid caring [58]

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…

Intra-fund advice to remain exempt from FoFA adviser charging regime [59]

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…

Interhealth Superannuation Fund v FCT – SMSF: no leave to add new ground of appeal – ATO Decision Impact Statement [62]

The ATO on Fri 8.2.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund v FCT [2012] FCAFC 185. In that decision, the Full Court dismissed the taxpayer’s appeal seeking leave to raise a new point on appeal not raised before.…