SG AMNESTY: ONE STEP CLOSER – LET’S GET ON WITH IT

The Government’s proposed one off, twelve month amnesty for historical underpayment of Superannuation Guarantee (SG) to complement the sweeping SG integrity package has been passed by the House of Representatives. It now needs to go through the Senate and Australia needs to get on with it, according to the Institute of Public Accountants (IPA).

SMSF AUDIT CYCLE: MORE THAN ONE WAY TO SKIN A RABBIT

The assertion that moving self-managed superannuation funds’ (SMSF) annual audits to a three-year cycle will reduce compliance costs for trustees may be flawed; or it could be a cost deferral at best, according to the Institute of Public Accountants (IPA).

SUPER GUARANTEE AMNESTY – HITS ROAD BLOCK

Employers are obligated to make super guarantee payments (SG) on behalf of their employees.

IPA SEEKS ANSWERS OVER PROPOSED CHANGE TO SMSF AUDIT CYCLE

The Institute of Public Accountants (IPA) is working with Minister O’Dwyer and the Treasury over the proposed change to the audit cycle of Self-managed Superannuation Funds (SMSFs).

UNLOVED SMALL BUSINESSES – NOT REALLY

Small businesses have been recipients of favourable tax concessions in the Budget over the past few years, says the Institute of Public Accountants (IPA).

Dodged bullet - No change to work related deductions

Despite claims of Taxpayers over-claiming work related expenses, the government has refrained from making any ad hoc changes to the eligibility rules.

ADDRESSING TAX EROSION TO LOWER TAX BURDEN

The measures announced in tonight’s Federal Budget to address the issues associated with the Black Economy will help sustain the tax cuts promised over the next few years, according to the Institute of Public Accountants (IPA).

TIME FOR BOLD VISION ON TAX

THE ROLE OF ASIC: IS IT REVENUE OR ENFORCEMENT?

There appears to be a disconnect between ASIC’s ability to raise revenue for government coffers and its capacity to do its actual job; that of regulation and enforcement, according to the Institute of Public Accountants (IPA).

REMOVAL OF INVESTOR LENDING BENCHMARK TO BE CAUTIONED, SAYS IPA

The Australian Prudential Regulation Authority’s (APRA) plan to remove the investor lending benchmark and replace it with better practices and strengthened lending standards should be treated with some caution, according to the Institute of Public Accountants (IPA).