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ASIC takes action against a number of approved SMSF auditors

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]

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New decision highlights options for disqualified persons: Barry, in the matter of an application by Barry [2024] FCA 13

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]

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New ATO guidance on employee/contractor distinction – Part 6

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]

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Latest AAT decision on regulation of approved SMSF auditors

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]

Balance-Sheet

Penalties on SMSF trustees to increase substantially: time to change to a corporate trustee

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]

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Law Institute Victoria SMSF Specialist The Tax Institute