The Tax Practitioners Board has released information for those applying to register or renew their registration as an individual tax agent. They will need to have enough relevant experience in providing tax agent services. Relevant experience can include work: as a registered tax agent; under the supervision and control of a registered tax agent; as…
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…
The Tax Office has reported that a trustee of an SMSF was recently sentenced to 6 months imprisonment, serving a minimum of 14 days, after pleading guilty to dishonestly contravening a civil penalty provision of the SIS Act. In its latest SMSF News (Edition 25), the Tax Office said the SMSF trustee had withdrawn almost…
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…
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…
The Federal Coalition has called on the Government to put any contemplated tax changes to superannuation to the election before they are implemented. In a speech before the Senate on Tue 5.2.2013, Shadow Minister for Superannuation, Senator Mathias Cormann, said that, if “despite previous promises to the contrary Labor decide to proceed with yet another…
The debate over superannuation tax changes continues. However, strong speculation that the Government would impose tax on superannuation withdrawals by those over 60 was effectively quashed on Wed 6.2.2013, when the Prime Minister told the House of Reps that “the Government reaffirms that it will never remove tax-free superannuation payments for the over-60s”. Ms Gillard…
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.…
The Minister for Superannuation Bill Shorten said on Tue 12.2.2013, that media reports in recent days suggesting Federal politicians in defined benefit superannuation schemes will be immune from reduced superannuation tax concessions announced at the last budget are entirely false. He said the Government had consistently and clearly said that Federal politicians earning in excess…
The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 was introduced in the House of Reps on Wed 13.2.2013. It amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 and the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to reform the self-managed superannuation fund (SMSF)…