Superannuation
Tax agents banned for misuse of SMSF auditor numbers
The TPB has issued a release in relation to two tax agents whose registrations were terminated for allegedly preparing and lodging SMSF annual returns and falsely claiming audits had been completed.
The cases were referrals from the ATO and the agents were banned from practice as they no longer meet the tax practitioner registration requirement of being a fit and proper person.
The TPB reminds tax practitioners that in October, the ATO will be sending client lists for the 2021-22 financial year to all SMSF auditors where they can report to the ATO the details of any funds where their SAN has been reported, but no audit activity has been undertaken. Where SMSF auditor number (SAN) misuse may have deliberately occurred, the ATO will continue to make referrals to the TPB for further actions.
APRA quarterly super publication enhanced
APRA has published the first in a series of new statistical publications, the Quarterly Superannuation Industry Publication, which includes new and expanded data collected as part of APRA’s reporting standards for the June 2022 quarter. For the first time, the APRA data includes information on the number and types of products and investment options available in the super industry.
Military invalidity benefits and super payments
The ATO has registered a legislative instrument specifying an alternative method under s 307-125 of the ITAA 1997 for calculating the tax free component and taxable component of a superannuation benefit paid to certain former ADF members during the 2022-23 financial year. The Instrument applies to lump sums paid as a pension in accordance with: (i) the Defence Force Retirement and Death Benefits Act 1973; and (ii) the Trust Deed referred to in s 4 of the Military Superannuation and Benefits Act 1991. It follows the decision in FCT v Douglas [2020] FCAFC 220.
Date of effect: The Instrument commenced on 15 October 2022, ie the day after it was registered. It also repeals the earlier instruments for the 2021-22 year and pre-1 July 2021.
Source: IPA Australia
