compliance

Remote AGMs and document signing allowed, for now

Companies should note that the government made a determination towards the end of the 2019-20 financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. Annual general meetings

[ Read More ]

No argument: Non-lodging SMSFs face tough ATO action

As the regulator of the SMSF sector, the ATO’s message to participants comes back regularly to the fact that it continually balances providing assistance and support to this very important retirement savings sector with its stringent regulatory expectations. This operational balance was recently referred to by the ATO’s Assistant Commissioner Dana Fleming in her address

[ Read More ]

Upcoming ATO open forums for practitioners: February to June 2020

As part of its ongoing engagement with tax practitioners, the ATO has announced some upcoming ATO open forums for practitioners. It will again be holding these open forums in a range of locations across Australia between February and June 2020. Open forums are an opportunity for tax practitioners to have an open two-way dialogue with

[ Read More ]

TFN report? You MUST LODGE — maybe … wait, what?

Readers will recall that the ATO has reminded trustees of closely held trusts that they must comply (our emphasis) with the TFN reporting requirements.   Recently, a diligent member of Tax & Super Australia decided that she would ensure that this was undertaken for all of her clients. However, she was unsure as to whether the

[ Read More ]

Illegal early release from SMSFs on ATO’s high-risk watch list

In a speech given earlier this year, the ATO’s Assistant Commissioner for Superannuation, Dana Fleming, focused on the risk areas that the ATO had identified as being of most concern — and as being most in need of action. Each year the ATO analyses its data to identify the key risk areas that then form

[ Read More ]

Board of Taxation review into FBT compliance costs

  The Board of Taxation has recently announced that it is launching a comprehensive review to determine whether there are opportunities for compliance costs to be reduced that are associated with employer obligations under FBT. In order to understand the sources of compliance costs, the Board of Taxation (BOT) is conducting focus groups, online surveys

[ Read More ]

Government commits more funding to TPB, but look where it’s coming from

  On the night the 2018 Federal Budget was tabled, the Chair of the Tax Practitioners Board (TPB), Ian Taylor, distributed a media release welcoming the Budget announcement of ongoing additional funding for the TPB, which he said would “ensure that the TPB is able to continue to meet its legislative responsibilities and protect consumers of

[ Read More ]

A modern solution for the annual SMSF audit

  Rosie Squibb is a Chartered Accountant operating her own practice in the Nambucca Valley on the mid-north coast of NSW and provides tax and accounting services and advice to SMSF trustees. As readers will know, Section 35C of the SIS Act requires all superannuation funds, regardless of size or type, to be audited on

[ Read More ]

Transfer balance account report (TBAR) update

  The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions. SMSF trustees are required to report the following

[ Read More ]