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MayASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered. Over the period 1 October 2022 to 31 March 2023, ASIC: Ten of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO). One SMSF auditor did not comply with conditions imposed by ASIC on their SMSF auditor registration. This follows the cancellation of 374 SMSF auditors in January 2023 (23-012MR). ASIC Commissioner Danielle Press said, ‘SMSF auditors play an essential role in supporting confidence in the SMSF sector. To protect […]
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AprBefore 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: From 1 July 2022, as a result of the release of PCG 2023/1 by the ATO, the shortcut method and the fixed-rate method have been abolished. A replacement method that can be used instead of the actual expenses method (which has not been abolished) is the revised fixed-rate method. Under the revised fixed-rate method, a deduction can be claimed of 67 cents per hour for energy expenses (electricity and gas), internet expenses, mobile and home phone expenses, and stationery and computer consumables. Other expenses associated with working from home,[…]
03
AprA reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: lthe rate increased from 10% to 10.5%; employees no longer need to earn $450 per month to be eligible. Employers now need to make super contributions for all eligible employees, regardless of how much they were paid – their earnings amount is not relevant. However, employees who are under 18 still need to work more than 30 hours in a week to be eligible. The ATO has the SG eligibility tool to work out if an employer has to pay super for its employees. If an employer does[…]
