From www.smsfadviser.com: The recent budget has allocated funds to link director IDs to Australia’s business registers, aiding the SMSF sector by ensuring director information is effectively utilized.

The government also announced plans to strengthen sanctions for tax practitioners and modernise their registration framework in response to previous industry issues.

Funding will be provided to the ATO to enhance the tax system’s fairness, particularly concerning superannuation obligations for medium to large businesses.