Bottrell Accountants, Financial Planners & Tax Agents

ANAO report: Unscheduled taxation system outages

The Australia National Audit Office (ANAO) Has released its report into whether the ATO effectively responded to the recent unscheduled information technology (IT) system outages (the most significant of which occurred in December 2016 and February 2017). The ANAO notes that online services have become the primary means of transacting with the ATO, so it [...]

ATO’s SMSF Auditor Independence questionnaire

ATO’s SMSF Auditor Independence questionnaire Editor: The ATO has become increasingly concerned about the ability of self-managed superannuation fund (SMSF) auditors to comply with the independence requirements contained within Accounting Professional and Ethical Standards (APES) 110, where the registered tax agent is also the SMSF auditor of a fund. It is therefore not surprising that […]

Audit of fast-food outlets finds half exploit their workers

Audit of fast-food outlets finds half exploit their workers Sydney Morning Herald reported that half of all fast-food outlets audited by Australia’s workplace watchdog are underpaying their staff, and the overwhelming majority violate payroll obligations. The Fair Work Ombudsman’s nationwide investigation into the fast-food sector has alarmingly revealed just 53 per cent of 565 spot-checked employers have been paying their staff […]

ASIC Reduces red tape for changes of auditors

ASIC Reduces red tape for changes of auditors ASIC today announced a fundamental change to its approach to consenting to the resignation, removal and replacement of auditors. ASIC will now generally consent to the resignation of an auditor at any time of the year, subject to some conditions. Previously, ASIC only consented to the resignation […]

ATO reminder on when to appoint an SMSF auditor

ATO reminder on when to appoint an SMSF auditor The ATO has reminded tax agents and trustees that, in June 2013, the regulation that prescribed the period for appointing an approved auditor was amended. The change means that trustees and their tax agents now need to appoint an approved auditor no later than 45 days before […]

Taxpayer (and tax agent) slammed on record keeping

Taxpayer (and tax agent) slammed on record keeping The AAT has upheld the application of a 50% penalty to a taxpayer (who claimed to rely entirely on his tax agent) for ‘recklessness’ in claiming deductions that couldn’t be substantiated. Facts In the 2011/12 tax year, in a tax return lodged by his tax agent, the […]

Super update 3013

Super update 3013 Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at […]

Amendments to Auditor Independence requirements

Amendments to Auditor Independence requirements  The accounting professional and ethical standards board (APESB) has released amendments to APES110- code of ethics for professional accountants, to align it with the recent amendments to the international code issued by the international ethics standards board for accountants (IESBA). The revisions to the code incorporate IESBA’s amendments in respect […]

Some SMSF statistics

Some SMSF statistics Some SMSF statistics as at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at 30 […]