ASIC recently took action against a number of approved SMSF auditors. ASIC felt that the approved SMSF auditors’ conduct did not meet the required standards and the action taken by ASIC included: disqualifying some auditors; imposing additional conditions on some approved SMSF auditors ; and cancelling the registration of other approved SMSF auditors. For more [read more]
Lost deed and constitution services
We can assist with advice and documentation where a fund, trust or company has lost their deed or constitution.
In an urgent matter brought to Shariff J as the vacation duty judge this January, the risks to SMSF compliance, where all members of the fund become disqualified persons, were on full display with orders needing to be granted simply to allow the disqualified members to act to wind up the fund. The case, Barry, in [read more]
The ATO has recently released TR 2023/4 – Income tax: pay as you go withholding – who is an employee? (Ruling), as well as Practical Compliance Guideline 2023/2 (PCG) to provide additional guidance in respect of the distinction between an employee and independent contractor. This is part 6 of our series of articles focusing on [read more]
Introduction Mr H was an approved SMSF auditor. However, in 2023 ASIC disqualified him from being an approved SMSF auditor. He applied for the AAT to review ASIC’s decision to disqualify him. The AAT recently handed down the outcome of that application. DBA Lawyers do a lot of work with approved SMSF auditors. Accordingly, we [read more]
Introduction With the penalty unit increasing from $313 to $330 in proposed legislation, SMSFs need to be extremely careful as this results in most administrative penalties increasing from $16,500 (ie, 60 penalty units x $275) to $19,800 (ie, 60 penalty units x $330). This follows the increase from $275 to $313 that already occurred on [read more]