SMSF
High-profile cases tipped to drive auditor contravention reports
Following two litigation cases this year, SMSF auditors next year will be more likely to file contravention reports where the SMSF fails to provide enough evidence showin...
Accountants with audit referrals in place on notice
Accountants who act as SMSF auditors, and have referred work arrangements with other similar firms, are raising independence concerns with the Tax Office.
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Franking changes tipped to ‘strangle’ SMSFs
The federal opposition’s proposal to end refunds of excess imputation credits will potentially “strangle” existing SMSFs and drive them into retail and industry fun...
ATO guidance issued after landmark SMSF case
The Tax Office has released a new decision impact statement, following the outcomes of the landmark Aussiegolfa case earlier this year.
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Industry hits back at incoming CPD requirements
Accountants who only advise on super and SMSFs will be slugged with 40 hours of CPD under FASEA, forcing them to relearn the same content over and over.
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Industry heavyweights argue case for basic advice exemptions
Accountants hoping for a wholesale return of the accountants’ exemption should temper their expectations, with other solutions tabled by industry heavyweights as a work...
Accounting bodies speak against franking credit proposal
Accounting bodies have spoken up against Labor’s proposal to remove cash refunds for excess franking credits, pointing to the impact it will have on clients at the lowe...
Tax Office sounds alarm on popular property strategy
Both the Tax Office and the corporate regulator see property investment in superannuation as a “live issue”.
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40k funds to face compliance scrutiny for non-lodgment
Close to 40,000 SMSFs will face compliance activity from the Tax Office this financial year as it seeks to make non-lodgment a top focus area.
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ATO defends ‘front door’ program
The ATO has defended its SMSF establishment compliance program, including the need to interview certain trustees, to ensure the integrity of the sector is upheld.
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‘Education to enforcement’: Practitioners warned on reporting timeframes
Accountants with SMSF clients need to be “acutely aware” of reporting timeframes before the Tax Office shifts from an education to enforcement approach.
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ATO surveillance sees hundreds of SMSF ABNs cancelled
The ATO has cancelled the ABNs of almost 700 SMSFs following the implementation of its risk model for SMSF establishments and is also keeping a close eye on tax agents co...
