Sep 15

In the 2011-2012 Federal Budget, the government announced a range of super reforms that would be introduced for self-managed super funds (SMSFs). These were designed to improve the super system and better safeguard the retirement savings of Australians. If passed by parliament, the following changes will into effect over the next couple of years:

  • the ATO will apply administration penalties for non-compliance by SMSF trustees
  • there will be a knowledge and competency requirement for SMSF service providers, including the registration of SMSF auditors
  • SMSFs will need to value their assets at net market value
  • the ATO will collect and publish data on SMSFs
  • the registration and rollover processes of SMSFs will be changed
  • illegal early release penalties will be introduced to deter the use of SMSFs for illegal activity
  • SMSF auditors will require registration

Sep 7

Goods and service tax (GST) fraudsters are more than likely than ever to be caught out  this year, as the ATO plans to increase its audits on GST refund claims by small businesses and  investigate cases of serious evasion. As a result of government funding, an extra 11,500 cases will be completed in the 2011-12 financial year. Last year, 28 people were prosecuted for more than $17 million worth of GST-related fraud offences.