[Bermagui Community] BAS & Tax Payments Deferred until 28 May 2020

Sun Jan 26 10:55:46 AEDT 2020

FYI

From: Geoff Steel <geoffsteel1 at bigpond.com>
Date: Sun, 26 Jan 2020 at 7:51 AM

All,
Just to note BAS returns and tax payments are automatically deferred until
28 May 2020 for bushfire affected postcodes (2546 & 2550), refer email
below. There is an exclusion for large tax withholders, > $1m.

AUSkey is also being replaced by MyGovID.

Regards,

Geoff Steel

*From:* Chartered Accountants Super Team <
Super.News at charteredaccountantsanz.com>
*Date:* 23 January 2020 at 10:02:11 am AEDT
*To:* geoffsteel1 at bigpond.com
*Subject:* *Super News - Edition 2*
*Reply-To:* no-reply-email at charteredaccountantsanz.com

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SUPER NEWS

EDITION 2 | 23 JANUARY 2020

HEADLINE <#m_125389739000309606_m_-1758350790386524243_1>
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REGULATORY UPDATES <#m_125389739000309606_m_-1758350790386524243_2>
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GOVERNMENT & LEGISLATION <#m_125389739000309606_m_-1758350790386524243_3>
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OTHER UPDATES <#m_125389739000309606_m_-1758350790386524243_4>
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HEADLINE

ATO – Tax relief and assistance for people impacted by bushfires

The ATO has extended a package of tax assistance for people impacted by
recent bush fires.

Businesses, individuals, and self-managed superannuation funds in impacted
areas will now have until 28 May 2020 to lodge and pay business activity
statements and income tax returns.

In addition, the ATO will:

   - fast-track any refunds due to impacted taxpayers
   - remit any interest and penalties on tax debts since the start of the
   fires
   - defer any debt recovery action until at least 28 May 2020
   - offer affected taxpayers the ability to vary their income tax
   instalments to nil without penalty

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REGULATOR UPDATES - ATO, ASIC & APRA

ATO – AUSkey closes in nine weeks

The ATO are reminding agents that from 25 January, myGovID will become the
default login option on the Online services for agents login page, although
AUSkey will still be able to be used until late March.

Following the closure of AUSkey in late March, if a myGovID has not been
set up, access to Online services will be unavailable.
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ATO – Super processing schedules: February 2020 and March 2020

The ATO has released its SuperStream remittance and recovery processing
schedules for February and March 2020
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APRA – Submission to Senate Select Committee on Financial Technology and
Regulatory Technology

APRA has published its submission to the Senate Select Committee on
Financial Technology and Regulatory Technology.

The submission outlines how APRA is evolving its regulatory framework and
approach to support the developing FinTech and RegTech sector, while
ensuring risks are appropriate managed in line with APRA’s mandate of
financial soundness and stability.
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Private Binding Rulings

Since 19 December 2019 there has been three Private Binding Ruling
published on the ATO’s Register of Private Binding Rulings relating to
superannuation.

*Private Binding Ruling number* *Topic* *Detail*

1051507227471
<http://send.charteredaccountantsanz.com/SJ0C460Du040qRJ2V00TVFe>
Allocation of benefits from a Reserve to a member Is amount treated as a
concessional contribution

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GOVERNMENT AND LEGISLATION LATEST NEWS

Progress of Bills

The next scheduled sitting dates for both Houses are from 4 February 2020
to 6 February 2020.
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*Treasury – Consultation on Financial Accountability Regime*

The Treasurer has announced the proposed extension of the Banking Executive
Accountability Regime (BEAR) regime to all APRA regulated entities and
released a consultation paper outlining the Government’s proposed model.

The extension implements recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the
Financial Services Royal Commission.

Consultation is open until 14 February 2020.
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Gazettes – ATO Trustee Disqualifications

Disqualification from being a trustee or a responsible officer of a body
corporate that is a trustee, investment manager or custodian, of a
superannuation entity:

Sadia Yusuf.

Please note that the ATO spreadsheet linked below is only updated
periodically and is not currently up to date (it is currently up to date
to September 2019).
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OTHER UPDATES

CA ANZ member disciplinary decisions concerning superannuation matters

Over the last several years there have been a number of disciplinary
decisions concerning superannuation matters. Here is a list of them for
2019:

   - Determination of the Disciplinary Tribunal of CA ANZ - 16 October 2019
   /Case D-1206
   <http://send.charteredaccountantsanz.com/b00026JuTRj0CJVK040VD4q>
   - Professional Conduct Committee – 11 October 2019
   <http://send.charteredaccountantsanz.com/I0V0kRD0u4JLq64V0T0JC02>
   - Professional Conduct Committee – 1 October 2019
   <http://send.charteredaccountantsanz.com/n0RJ0lM04Vqu0CJ0DV026T4>
   - Professional Conduct Committee – 15 April 2019
   <http://send.charteredaccountantsanz.com/p0400R2VNC0V0mqJ6u0JDT4>
   - Professional Conduct Committee – 28 March 2019
   <http://send.charteredaccountantsanz.com/E260R0JOJnD0q0VC4T04u0V>
   - Professional Conduct Committee – 28 March 2019
   <http://send.charteredaccountantsanz.com/Y064T2PqJ00VD004uJR0oCV>
   - Professional Conduct Committee – 22 October 2018
   <http://send.charteredaccountantsanz.com/GVJ0CT40DQ4pR06u0020JqV>
   - Professional Conduct Committee – 21 May 2018
   <http://send.charteredaccountantsanz.com/P020q06RuJ0Jq40T0DRCVV4>
   - Determination of the Appeals Tribunal of CA ANZ - 19 March 2018 /Case
   A-177 <http://send.charteredaccountantsanz.com/f00T62u0Dr00VJ4VRqCSJ04>

DECISIONS REGISTER
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Join the Superannuation group in My CA today

Connect with like-minded members and keep up to date with all the latest
discussion and developments in relation to superannuation.
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