POWERED BY MOMENTUM MEDIA
TPB deregisters tax agent for SAN misuse
The Tax Practitioners Board (TPB) has deregistered a fourth tax agent for self-managed superannuation fund (SMSF) Auditor Number (SAN) misuse.
The TPB said it terminated the registration of an agent who made false and misleading statements in various annual returns that indicated an audit had been done when it had not.
“The agent's behaviour was uncovered after an auditor reviewed their client lists from multiple years and noticed funds listed that they had not audited. This auditor then got in contact with us and we were able to take appropriate action,” TPB said.
The TPB noted the agent would not be able to apply for registration for two years and penalties would apply if they continued to provide tax services.
Another three agents have had their registrations suspended for SAN misuse.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
