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 ]
Royal Commission, market volatility: Is now really the time to move away from annual independent audits?
SMSF trustees still seem to be digesting the yet-to-be enacted proposal to move SMSFs to a three-year audit cycle. Tax & Super Australia (TSA) is highly concerned about the impact of this proposal on the integrity of the superannuation system in Australia. During a period of volatility where the financial services sector is facing[ Read More ]
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 ]
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 ]
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 ]