Archive for August 2023
ASIC cracking down on SMSF auditors for conduct issues
As a trustee of a Self-Managed Superannuation Fund (SMSF), we believe it is crucial to keep you informed about recent developments that may have implications for your fund. The Australian Securities and Investments Commission (ASIC) has taken significant action against certain SMSF auditors to ensure compliance with regulatory obligations and maintain the integrity of SMSF…
Read MoreThe Low and Middle Income Tax Offset (LMITO) has ceased
In recent years, income tax payable by individuals has been reduced by the LMITO, an offset introduced by the government in 2019. This offset will cease after the 2022 financial year and the government has not announced any plans to reinstate it. Starting from the 2023 financial year, Individuals should be aware that their tax…
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