The Assistant Treasurer has on Thur 4.10.2012, released the Inspector-General of Taxation’s Review into the ATO’s use of benchmarking to target the cash economy. The Inspector-General conducted this review in response to concerns raised by small businesses and tax practitioners about the ATO’s use of small business benchmarks. The Inspector-General has made 11 recommendations to…
The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Wed 10.10.2012, announced details of his new work program aimed at further improving tax administration in Australia. The new IGT work program consists of the following 5 reviews: Review into aspects of the ATO’s use of compliance risk assessment tools. Review into the ATO’s administration of…
The Board of Taxation has released a discussion paper seeking comments to assist it in developing advice to the Government on the advantages and disadvantages of Australia adopting the OECD functionally separate entity approach to the determination of profits attributable to a permanent establishment in its tax treaty negotiations and in domestic law. The Board…
House of Representatives Economics Committee recommends Bills be passed The Advisory report of the House of Reps Standing Committee on Economics on a package of 7 Clean Energy Bills was tabled in the House of Reps on Wed 10.10.2012. The Committee recommended that Parliament pass the Bills that amend the Clean Energy Act 2011 and…
The Minister for Superannuation has announced that the Small Business Superannuation Clearing House recently passed $500m in superannuation payments. The Clearing House is designed to cut red tape and costs for small businesses by allowing them to pay all their employees’ superannuation contributions in one online transaction. More than 33,000 small businesses have registered with…
The Government on Fri 12.10.2012, released the Productivity Commission’s final report into default superannuation funds in modern awards. The Productivity Commission has recommended that an expert superannuation panel within Fair Work Australia (FWA) should decide suitable default superannuation funds for inclusion in modern awards according to the members’ best interests. The Productivity Commission said the…
ASIC has advised that its online registers for registered, suspended and disqualified “approved SMSF auditors” will be available from 31 January 2013. From this date, existing approved auditors will be able to apply for registration with ASIC under transitional arrangements proposed by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill…
APRA on Wed 10.10.2012, released a consultation letter and Draft Prudential Practice Guide SPG 410 MySuper Transition (SPG 410) to provide guidance to registrable superannuation entities (RSE) licensees on the requirements set out in proposed Superannuation Prudential Standard SPS 410 (previously released on 3 October 2012). Subject to the passage of the MySuper legislation, APRA…
The Parliamentary Joint Committee on Corporations and Financial Services on Tues 9.10.2012, tabled in the Senate its report on the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012. The Bill is the third tranche of MySuper legislation and proposes to introduce measures relating to the transition of accrued default balances to MySuper by…
ASFA has released its submissions to the Parliamentary Joint Committee on Corporations and Financial Services as part of the Committee’s inquiry into the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012. The Bill is the third tranche of MySuper legislation and proposes to introduce measures relating to the transition of accrued default balances…