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APESB issues revised APES 310 Client Monies
The Accounting Professional & Ethical Standards Board Limited (APESB) have issued a revised APES 310 Client Monies (APES 310)’. More information here
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
2024 APES110 (IESBA) audit independence quiz—the fourth edition
The APES 110 (IESBA) Audit independence quiz is back for 2024! Complete the quiz (20 Questions), submit your contact details, and receive the answers and analysis. More information here |
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Bills referred to Senate Committees
The Senate has referred the provisions of a number of bills to Senate committees for reporting in October and November 2024. More information here
Restructures in response to new thin cap rules - Draft PCG 2024/D3
Draft PCG 2024/D3 outlines the ATO‘s proposed compliance approach to restructures undertaking in response to recent amendments to the thin capitalisation rules. More information here
Code of Professional Conduct clarified
Tax Agent Services (Code of Professional Conduct) Amendment (Measures No. 2) Determination 2024 has been registered to clarify sections of the Code of Conduct. More information here
Commonwealth penalty units increased from $313 to $330
Legislation has been passed that amends the Crimes Act 1914 to increase the Commonwealth penalty unit from $313 to $330. More information here
Administrative Review Tribunal replaces AAT from Monday 14 October 2024
The new Administrative Review Tribunal (ART) will commence operation on Monday 14 October. It replaces the Administrative Appeals Tribunal (AAT). More information here
Updated ATO Practice Statements
The ATO has released updated versions of PS LA 2007/7, PS LA 2008/9, and PS LA 2021/3 to conform with the ATO’s current style and accessibility requirements. More information here
Personal financial advice fees paid by superannuation funds - claiming deductions and PAYG withholding obligations
The ATO is developing a Practical Compliance Guideline to provide superannuation funds with a compliance approach in relation to the amendments made to the Income Tax Assessment Act 1997 (ITAA 1997). More information here
ATO nudge pilot on employers‘ super guarantee obligations
The ATO have advised that ‘We are building on our use of Single Touch Payroll (STP) by matching data from super funds with the amounts reported by employers through STP for each employee–employer relationship’. More information here
Administrative Review Tribunal commenced 14 October 2024
‘On 16 December 2022, the Attorney-General, the Hon Mark Dreyfus KC MP, announced that the Government would abolish the Administrative Appeals Tribunal (AAT) and replace it with new Administrative Review Tribunal (ART). In the Attorney-General’s press release he pointed to the recent problems of the AAT’. More information here
ATO Update: We‘re changing our approach to collecting unpaid tax and super
The ATO have said that ‘we are now focusing on businesses who refuse to engage with us and continue to ignore our SMS and letter reminders. This means you may see us taking different steps to those you have seen in the past’. More information here |
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Superannuation calculators and retirement estimates - updated ASIC relief instrument
ASIC Instrument 2022/603 has been updated to revise the default inflation rate to calculate the present value of a superannuation calculation or retirement estimate. More information here |
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ASIC update: Licensing and professional registration activities
ASIC has released REP 797 outlining key issues, new and proposed changes to licensing processes, and other work ASIC has undertaken that affects licensees. 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
Proposed Legislative Amendments, Government Announcements and Consultations
Updates from the Government including legislation. More information here |
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