More of us are lining up to retire, despite shrinking savings

A Roy Morgan survey conducted over calendar 2018, and published in the second quarter of 2019, indicates that the number of people intending to retire within a year had increased by 6% on the previous year’s level, and 11% above the 2017 figure. This increase is despite the savings levels of these “intenders” being well

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After TBC indexation (it’s on horizon), members could have a ‘personal’ cap

The ATO’s deputy commissioner, superannuation and employer obligations, James O’Halloran, recently spoke at the Association of Superannuation Funds of Australia’s (ASFA) 2019 National Policy Roadshow. O’Halloran offered many revealing insights into ATO activity and planning regarding its superannuation policy and frameworks (see the full text of his speech here), but among these items he referenced

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Tax on the Whiteboard: Taxation of undissected lump sums

Sometimes a person is paid a lump sum in settlement of a number of different items of dispute. This can be in an employment situation or in other situations. The payment can relate to personal injuries as well as compensation for lost income. Due to this, part of the payment can relate to matters of

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Has your client been asking what’s delaying their return?

The ATO says that while it strives to maintain its service commitment, there will inevitably will be some returns that may take longer to process. Returns can be delayed for a number of reasons. It says some of the most common reasons are: your client has recently lodged tax returns for previous years they currently

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When changing your practice structure, don’t forget the regulator

The Tax Practitioners Board (TPB) has issued information for tax agents that change practice structures. In most cases, the TPB will require notification of these changes within 30 days. Note however that there may also be a need to apply for registration for the new business structure, which includes getting a new registration number to operate

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Parliament launches an inquiry into the regulation of auditing

In the first week of August, the Parliamentary Joint Committee on Corporations and Financial Services was referred by the Senate to initiate an inquiry into the regulation of auditing in Australia. The committee has been asked to present a report on its findings by 1 March 2020. The inquiry comes on the back of other

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ATO takes aim at ‘you-scratch-my-back’ auditing arrangements

It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the SISR legislation. There have of course been breaches of this requirement, and instances where auditors and/or fund trustees have suffered

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Tax on the Whiteboard: Distributions from foreign trusts

Many people in Australia are beneficiaries of trusts that are based offshore. There is a long standing provision in the tax law that can subject an Australian resident to tax when they get a distribution from a trust in a foreign country. This is section 99B of the Income Tax Assessment Act 1936. Although, strictly

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