Corporate tax transparency report for the 2016–17 income year for public companies $100m turnover; private $200m

Key News Summary – the Commissioner has released the 4th Corporate Tax Transparency Report, for the 2016-17 year showing 2019 entities, with overall  increases in all of total income, taxable income, tax payable and the number of entities. 14 entities pay the PRRT and 20% to 30% of the ASX 500 report current year losses.  …

Queensland Maintenance Services case – AAT found ‘renovation compensation’ and ‘management fee’ expenses were not deductible

Key News Summary – In Queensland Maintenance Services Pty Ltd (In Liquidation) v FCT, the AAT found that the Commissioner was right to disallow general deductions, under s8-1 of the ITAA97, for ‘renovation compensation invoices’ because of curious facts affecting purpose and ‘management fee expenses’ because they were to buy the right to manage the…

APRA finalises new measures to strengthen outcomes for superannuation members

On 12 December 2018, the Australian Prudential Regulation Authority (APRA) released a package of new and enhanced prudential requirements designed to strengthen the focus of registrable superannuation entity (RSE) licensees on the delivery of quality outcomes for their members. A central component of APRA’s new framework is the introduction of an outcomes assessment that will…

Simple, standardised super retirement disclosure document – Treasury issues ‘Consultation Paper’ with ‘retirement income risk measure’ paper

Key News Summary – Treasury has issued a consultation paper aimed at establishing simple and standardised disclosure of the key features of various types of retirement income products, to match retirees’ needs, together with a ‘retirement income risk measure’ paper, issued by the Government Actuary (which is to feed into the standard disclosure product). Comments…

APRA takes action against IOOF for failing to act in best interests of superannuation members etc.

Key News Summary:  APRA has taken action against IOOF and its associated entities centering around their conflict of interest and failure to act in the best interests of members, by enforcing the RSE Licence, imposing more conditions, seeking to disqualify 5 individuals as directors of superannuation entities and seek declarations of contraventions of the SIS…