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IPA Engagement Letters
IPA has recently updated template engagement letters to address the revised APES 305 Terms of Engagement requirements which came into effect on 1 July 2021. The revised templates can be accessed along with a range of other useful practice management tools under the Resources section of IPA’s website. More information here
4th AmCham Global Leadership Academy
The 4th AmCham Global Leadership Academy for emerging leaders is now open for 2022. This unique 12-month leadership program consists of 10 industry workshops facilitated by leaders in their fields and an opening and closing ceremony at prestigious venues. In 2022 the program will be offered in Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra. More information here
IPA Register of Members
The Register of Members lists the Member Register of the Institute of Public Accountants. The board of directors extend their congratulations to all new members and those who have advanced in status. View the Register of Members here
Update your email preferences
Based on the results of our satisfaction survey last year, we have changed the way we send you emails. You can now select which CPD topics and member offers you are interested in. More information here |
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PM announces additional support for childcare providers
Government has announced new support measures for childcare providers impacted by COVID-19 lockdowns including payments based on pre-lockdown revenue. More information here
NT COVID-19 business support measures
Government has outlined COVID-19 support measures for the NT including the tourism and hospitality sectors, and conference and exhibition organisers. More information here
Victoria COVID-19 support measures extended
COVID-19 support for businesses have been extended to regional Victoria and new regulations have been made to provide relief for struggling commercial tenants. More information here
ACT COVID-19 support measures extended
Government has announced that the COVID-19 support measures have been expanded due to the extension of the lockdown in the ACT. More information here
WA assistance grants for tourism
WA has announced funding support for tourism businesses, accommodation providers, and travel agents impacted by COVID-19. More information here
COVID-19 business support programs: data sharing
Treasurer has issued a declaration to enable the ATO to share protected data it holds with relevant government agencies in order to administer support programs. More information here
NSW and Vic COVID-19 programs declared NANE
Treasurer has declared certain grant programs administered by NSW and Victoria as eligible grant programs and therefore any payments to be NANE. More information here
New ATO service to request lodgment deferrals
Tax professionals will be able to request extra time to lodge for up to five clients from September 2021. More information here
SME loan guarantee scheme: Treasurer announces changes
Treasurer has announced changes to the SME loan guarantee scheme including removal of the requirements to have received JobKeeper. More information here
AASB 112 Income Taxes: compiled standard
Treasury has registered the latest compilation of Accounting Standard AASB 112 – Income Taxes that incorporates relevant amendments. More information here
Review of insolvency safe harbour for company directors
Treasury has advised that there is to be a review of the insolvent trading “safe harbour” that provides protection for company directors from personal liability. More information here
Bill (No 6) 2021 passes Reps
Bill to implement amendments to enable the sharing of super information in family law proceedings, among other things, has passed the House of Reps without amendment. More information here
Bill (No 7) 2021 introduced
Bill to implement an ATO reporting regime for digital distribution platforms and remove the threshold for self-education expenses has been introduced in the House of Reps. More information here
GST refund fraud: property developer sentenced
A Gold Coast property developer has been sentenced for fraudulently obtaining $147,763 in GST refunds. More information here |
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Westpac breach of best interests duty: penalty
Federal Court has ordered two Westpac subsidiaries to pay a combined penalty of $10.5m for failing to act in the best interests of their clients. More information here
Fee disclosure statement breaches: NAB to pay penalty
Federal Court has ordered NAB to pay an $18.5m civil penalty for breaches in relation to misleading fee disclosure statements. More information here
Temporary reduction of ASIC levies for financial advisers
Government has announced that it will temporarily reduce the ASIC cost recovery levies payable by financial advisers for the next two years. More information here
APRA remuneration prudential standard finalised
APRA has released its final remuneration prudential standard for banking, insurance, and superannuation industries. More information here |
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APRA MySuper performance tests
APRA has released the results from its first annual performance tests for MySuper products that had an 84% pass rate. More information here
Super fund performance tests: APRA guidance
APRA has released a set of frequently asked questions to provide guidance to RSE licensees on the performance tests. More information here
Total super assets $3.3 trillion at June 2021
APRA’s quarterly super performance reported total super assets of $3.3 trillion, which is up 14.7% due to strong investment performance and contributions growth. More information here
SMSF property advice breaches
A former financial adviser has appeared in court charged with three breaches of a financial services banning order re SMSF property advice. More information here
APRA review: super contributions work test
APRA has published a FAQ on the interaction between COVID-19 disaster payments and satisfying the work test for purposes of personal super contributions. More information here
MySuper investment performance testing: APRA approach
APRA has released an information paper on its approach to combining MySuper investment performance histories for purposes of performance testing. More information here |
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TPB reminder: personal tax affairs of tax practitioners
TPB has issued a media release to highlight that tax practitioners who fail to attend to their tax affairs can call into question if they can continue to be registered. More information here
Board of Taxation CEO update
CEO of the Board of Taxation has provided an update including the Board’s current work program including R&D tax incentive and review of the GST low value imported goods. More information here
IGTO releases Corporate Plan 2022-25
Inspector-General of Taxation and Tax Ombudsman has released its corporate plan for the financial year ending 30 June 2022 and beyond. More information here
ASIC corporate plan and priorities 2021-25
ASIC has published its corporate plan 2021-25 outlining its strategic priorities over the next four years. More information here |
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