Month: March 2025 AWST
APRA cracks down on governance
From www.superreview.com.au: APRA has announced eight proposals aimed at enhancing governance standards for super funds, banks, and insurers, marking the first significant update in … read more
ATO account compromise complaints up almost 1,000%
From www.themandarin.com.au: Complaints regarding compromised client records at the Australian Taxation Office have surged by 935% from 2020-21 to 2023-24, largely due to significant … read more
CPA urges extension of tax secrecy exceptions be scrapped
From www.accountantsdaily.com.au: CPA Australia is urging the government to reconsider its proposed extension of tax secrecy exceptions, citing potential damage to the integrity and … read more
Financial Services: Regulatory Recap – Week commencing 24 February 2025
From gtlaw.com.au: This week’s regulatory recap outlines key updates impacting financial services, including ASIC’s latest directives, legal proceedings, APRA actions, AUSTRAC’s compliance campaign, and … read more
Fringe Benefits Tax (FBT) 2025
From au.andersen.com: Fringe Benefits Tax (FBT) 2025 outlines the latest updates on tax rates, exemptions, and management of FBT obligations.
Accountants now captured in LMI waiver expansion
From www.accountantsdaily.com.au: National Australia Bank has expanded its lenders mortgage insurance waiver to include accountants, alongside other professionals like lawyers and medical practitioners, allowing … read more
Trustees have no fiduciary duty to predecessors
From www.khq.com.au: The High Court ruled in Naaman v Jaken Properties Australia Pty Limited that a successor trustee does not owe a fiduciary duty … read more
Uncertainty over Trump’s tariff regime
From michaelwest.com.au: Australia’s Treasurer, Jim Chalmers, has expressed concerns regarding potential reciprocal tariffs from the United States announced by President Trump, particularly about the … read more
Compassionate release of super: ATO discretion
From www.smsfadviser.com: Compassionate release of super benefits from an SMSF requires approval from the ATO.
Conditions for release include preventing mortgage foreclosure, medical expenses, … read more
Australia’s future depends on climate policy
From fsc.org.au: Business and finance groups have joined to emphasise the importance of continued commitment to the Paris Agreement and support for a transition … read more
APRA imposes expertise requirements on super funds
From financialnewswire.com.au: APRA has proposed new requirements to strengthen governance for superannuation fund boards, focusing on financial expertise and minimum standards for responsible persons. … read more
What ATO publications can be relied on?
From www.dbalawyers.com.au: The Australian Taxation Office (ATO) produces a variety of guidance materials, some of which are binding, while others provide varying levels of … read more
Tax-Effective Car Ownership
From hotcopper.com.au: Tax-effective car ownership can significantly reduce financial burdens through strategic planning and smart financing options. Individuals and businesses can leverage tax deductions … read more