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  1. Part 7 penalty remission draft practice statement released

    relation to superannuation guarantee obligations has now been released, with the new guidelines seemingly more “definitive”. Last week, the ATO released PS LA 2019/D1, an internal document, to ATO officers to guide them on the remission of additional...

  2. SG amnesty resurfaces in Parliament

    frame might prove to be too short for employers. “Six months isn’t a great deal of time, and given the mess that occurred last time, it might be one of those things that people wait and see for it to be implemented before they start acting on it,” Mr...

  3. Parliament passes new SMSF measures

    Steed said affected SMSF members would need to factor their LRBA balance into their total super balance at the end of the last financial year, as well as make changes to their portfolio if needed. “The inability to make certain additional contributions...

    • Type: Article
    • Author: Reporter
    • Category: Super

  4. Financial Services Minister contemplates accountants’ exemption proposal

    “artificial, impractical boundaries” for accountants. The IPA’s proposal Mr Conway said consultation with members over the last 18 months has seen a push for a new “Qualified Accountants Financial Services Licence” (QAFSL) that leverages the “qualified...

  5. ‘There’s nothing soft about soft skills’

    more important than the technical knowledge, because historically a lot of the technical knowledge you learnt was going to last you for the whole of your career. “It’s more about being able to find talent, you know across all the ranges, and not just...

  6. Single Touch Payroll deadline looms

    exemption, or have been granted a quarterly reporting concession,” an ATO spokesperson told sister publication My Business last week. “The ATO is encouraging small employers to engage with us ahead of the 30 September deadline if they’re not ready to...

  7. Investigation on ‘unfair’ payment practices underway

    or may not be undertaking”. Late payments falling, but not fast enough The latest quarterly survey on payment times released last month by illion found that late payments in Australia sat at 10.1 days, an overall improvement which masked chronic...

  8. Self-funding disincentives should be high on retirement probe’s list

    bodies including the AFA and Australian Investors Association, moved to welcome the government’s announcement of the review last week, while pointing out that the retirement system should “ensure incentives are in place to encourage those who can save...

    • Type: Article
    • Author: Sarah Kendell
    • Category: Super

  9. ATO debt collection tactics to attract scrutiny

    up and say I’ve got this complaint, we get to build a picture of these complaints and use that to try and get change.” The last review of the ATO’s debt collection system took place in 2015 following a number of concerns raised by individuals, small...

    • Type: Article
    • Author: Maja Garaca Djurdjevic
    • Category: Tax

  10. Advice gap grows as accountants reconsider service offerings due to regulatory burden

    of alignment for continuing professional development (CPD) requirements is adding to the regulatory burden. “In December last year, I calculated that I had completed 250 hours of CPD in 12 months, but I still hadn’t ticked off all of the requirements,”...

  11. ATO clarifies application of NALI changes

    and will have much broader application than first thought,” he said. The changes to NALI rules, passed through Parliament last month, are yet to receive royal assent.

  12. ATO confirms ‘practical solution’ in the works for deceased information access

    practitioners from accessing information relating to deceased estates on online services for agents will soon be resolved. Last month, Accountants Daily revealed that a working group had been formed by the ATO to solve the issue of tax practitioners...

  13. ‘Get started now’: Practitioners cautioned on short SG amnesty window

    about the proposed SG amnesty, with one mid-tier partner warning of the short window of opportunity, should the bill pass. Last month, the proposed SG amnesty was resurrected after the previous bill lapsed with the calling of the federal election. The...

  14. ATO changes interpretation around commercial debt forgiveness rules

    determination ruling that a creditor must be a natural person to forgive a debt for reasons of natural love and affection. Last week, the Commissioner of Taxation released Draft Taxation Determination 2019/D9, close to eight months after it withdrew ATO...

  15. ATO marks 20-year milestone

    marked 20 years the ATO has spent as the SMSF regulator, during which time it has worked to protect the sector. Over the last two decades, the ATO noted it has disqualified approximately 3,500 SMSF trustees, issued 2,400 undertakings to trustees and...

  16. Wage theft claims ‘demonising’ bosses

    of awareness that payroll systems needed to be updated in line with a law change, adding that “punishment should always be a last resort”. “Creating new penalties and offences is a knee-jerk reaction, and often just a cop-out for governments who want to...

    • Type: Article
    • Author: Naomi Neilson
    • Category: Business

  17. ATO letter campaign around SG obligations set to debut

    have not met their obligations.” Accountants Daily understands these letters will be sent directly to employer clients. The last letter campaign sent by the ATO, around SMSF investment strategies, was not well received by recipients, with some lamenting...

  18. Insolvency practices set to undergo ombudsman inquiry

    Enterprise Ombudsman (ASBFEO), suggested that scrutiny of the sector is long overdue, and should have been done as part of last year’s banking royal commission. “Unfortunately, the banking royal commission wasn’t asked to look at the role of insolvency...

  19. Permanent STP quarterly reporting concession floated to ATO

    reporting space demonstrating that the ATO has the “appetite” to adopt new concessionary measures. “If you look at the last six months, they brought it in for closely held, they brought it in for this two-year transition phase for micro businesses that...

  20. ‘Unprecedented level of visibility’: ATO announces first use of STP data

    SG audit work Mr O’Halloran was also keen to tout the ATO’s ongoing SG audit work, with 27,000 SG cases completed over the last financial year. Of those, 22,000 employers were contacted and the ATO raised assessments for $805 million in outstanding SG....

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