Question:
Australian Securities and Investments Commission - is it up to the task?
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
Log on to ASIC’s website – www.asic.gov.au and you can obtain information about how to make a complaint or report misconduct. This is divided into different categories, many of which must be dealt with by other organisations. But those matters which are within its responsibilities include troubles with investments, companies which have gone into liquidation or administration, shares, insider trading and operation of companies. It also carries regulatory responsibility for company auditors and financial planners. It has a very broad set of responsibilities.
Will your complaint or problem be dealt with expeditiously? Probably not. The word around the traps is that ASIC doesn’t have the manpower to properly deal with the numerous complaints it receives and you may not get a fair hearing unless your matter gets media attention. This means that you may have to spend lots of money with lawyers to get your matter dealt with by the Courts.
It seems that this problem is under review by the Federal Government as it has commissioned a review to consider the capabilities of ASIC. This will be led by an Expert Panel, supported by a Secretariat. The review was supposed to be completed late in 2015 but we haven’t heard the results yet.
The review will was to examine and make observations on how efficiently and effectively ASIC operates to achieve these strategic objectives:
- Identifying and analysing priorities and risks
- Prioritising responses to emerging issues
- Skills, capabilities and culture of ASIC and its staff
- Organisational governance and accountability
Andrew and Tony Lovett
22 February 2016
