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Self-reporting obligations
As per by-law 2.1.2, all Members are required to advise in writing if they become bankrupt, if they are charged with a criminal offence, or if they are subject to an adverse finding from another professional or regulatory body. Find out more here
IPA Register of Members
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, 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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Breaking news!
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023, which gives effect to the $20,000 instant asset write‑off and Small Business Energy Incentive from the 2023‑24 Budget, passed the Parliament yesterday. More information here
ATO to acquire Medicare Exemption Statement data from Services Australia
The ATO has issued a gazette notice that it will acquire Medicare Exemption Statement data from Service Australia for the 2024-2026 financial years. More information here
Cents per KM for car expenses 2024-25 and after
The ATO has registered the Income Tax Assessment (Cents per Kilometre Deduction Rate for Car Expenses) Determination for the new rate commencing 1 July 2024. More information here
Taxation Statistics 2021-22 released by ATO
The ATO has released its Taxation Statistics for the 2021-22 financial year, presenting an overview of the income tax returns for the period. More information here
Campaign warning of unregistered tax preparers underway: TPB
The TPB has issued a release of a new advertising campaign aimed at creating awareness amongst consumers of tax services to use registered tax practitioners. More information here
NSW Budget 2024-25
The NSW Budget was handed down on Tuesday 18 June 2024. Highlights include increased foreign investor surcharges and targeted relief for bulk-billing GP practices. More information here
OECD releases further guidance on Amount B of Pillar One and global minimum tax under Pillar 2
The OECD/G20 Inclusive Framework on BEPS has released two new publications. More information here
Treasury releases Sustainable Finance Roadmap
The Treasury has released the Government‘s Sustainable Finance Roadmap, developed in response to consultation on the Sustainable Finance Strategy in November 2023. More information here
Appointment of Inspector-General of Taxation announced
The Government has announced the appointment of Ms Ruth Owen as the Inspector-General of Taxation for a 5-year period commencing on 15 July 2024. More information here
ATO rating of third-party data tax controls
The Government has issued a reminder that it will be rating investment entities on third-party data tax controls during assurance reviews. More information here
ATO SMSF Independent Auditor’s report updated
The ATO have advised that ‘for all audits completed on or after 1 July 2024 you must use the Self-managed super fund independent auditor’s report (IAR) (NAT 11466, DOCX, 703KB). This includes audits you complete on or after this date regardless of what income year they apply to’. More information here
PCG 2020/5: Applying the non-arm’s length income provisions to ‘non-arm’s length expenditure’ – ATO compliance approach for complying superannuation entities
The IPA is a joint signatory with the Joint bodies calling on the ATO to provide some certainty as it remains unclear whether these measures will be legislated prior to the end of this financial year. 30 June falls on the Sunday of that sitting week. This is deeply concerning and is creating significant anxiety for the profession, trustees and affected taxpayers. More information here
ATO Updates
The ATO have issued updates on ‘third-party data tax control framework; BAS revisions in Online services; removal of AUSKeys from Access Manager; 2024 Fringe benefits tax (FBT) return; and contacting the ATO for guidance on allocation of professional profits’. More information here
UN MSME day 2024
On Thursday 27 June 2024 we celebrate the United Nations Micro, Small, and Medium-sized Enterprises day to ‘raise public awareness of the tremendous contributions of micro-, small and medium-sized enterprises (MSMEs) to sustainable development’. More information here |
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APRA finalises superannuation prudential framework for audit
APRA has finalised its consultation on amendments to the superannuation prudential framework for audit. More information here
APRA releases results of unlisted asset governance survey
APRA has released a letter to RSE licensees outlining key observations from a survey of unlisted asset governance practices conducted in late 2023. More information here
APRA publishes inaugural fund-level statistics
APRA has published March 2024 statistics for the inaugural Quarterly Fund-Level Statistics for each APRA regulated superannuation fund with more than 6 members. More information here |
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New Prudential Handbook digital platform for APRA standards and guidance
APRA has released a new digital framework, the Prudential Handbook, which brings together all of APRA’s policy standards, guidance and supporting information. More information here |
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ASIC News
Updates from ASIC in the past week including media releases, news, articles and speeches. More information here
APRA News
Updates from APRA in the past week including media releases, news, articles and speeches. More information here |
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Proposed legislative amendments, government announcements and consultations
Updates on recent consultations. More information here |
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