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Thursday, June 11, 2020

Dana Fleming Swimming Between Flags

"The difference between tax avoidance and tax evasion is the thickness of a prison wall."

-- Denis Healey


ATO warns against SMSF property development


ATO threatens fines and prosecution for misuse of early super ...


*Nine ways to stop fraudsters stealing your super

The Australian Financial Review0
Hacked data from tax agents was purportedly the source of recent super ... identity, contact the ATO's Client Identity Support Centre on 1800 467 033 for help

You will have seen the announcement today after 2 years in this role I am moving on to lead the Integrated Compliance - Risk & Intelligence area. ...

I would like to thank all our partners in the SMSF industry for all your support in my time in this role. It's been a privilege to work with such an engaged and passionate sector, who place the integrity of the super system, and ensuring the best possible retirement outcomes for SMSF members, at the heart of all they do. I am so proud to have had the opportunity to contribute in my own small way. I will miss the sector but know I leave you in safe hands with Steve Keating.
Shared by Dana Fleming


Dana Fleming - Australian Taxation Office - LinkedIn

Over 25 years tax experience, specialising in superannuation and managed investments both in Australia and overseas with KPMG and PwC. Client portfolio included major industry funds and major retail and boutique managed funds. Advised and worked with them on tax implications of strategic planning as well as day to day activities, assisting with tax compliance, dealing with the impact of changing legislation on their systems and products, product development, mergers and unit pricing.

For the last 4 years led KPMG Australia’s Asset & Wealth Management tax practice setting the strategy for a $25m+ sector.

Most recently joined the Australian Taxation Office as an Assistant Commissioner to lead the SMSF segment where looking forward to making a positive contribution to both the public sector and the community.


No compliance activity for loan relief in FY20, says ATO

In an online discussion with SMSF Association chief executive John Maroney, ATO assistant commissioner Dana Fleming addressed the issue of whether there would be any compliance action against SMSFs seeking commercial loan relief as a result of rental relief to tenants.
Dana Fleming


Former KPMG partner secures high-ranking ATO role

Mr Hirschhorn was previously acting in the role of second commissioner since December 2018 and was previously the deputy commissioner for public groups from 2015 to 2018.
He spent almost 20 years at KPMG, including as a senior partner in the big four firm’s tax practice, before moving to the ATO as its chief tax counsel in August 2014.
Mr Hirschhorn will now continue to work alongside other former KPMG partners at the ATO, including commissioner Chris Jordan and assistant commissioner Dana Fleming.


The ATO's Dana Fleming

No more free passes for SMSF breaches: ATO


Efficiency, consistency and transparency

As the SMSF regulator, the ATO balances enforcement with assistance and support to help SMSFs manage their savings for retirement.
Addressing the annual Self-Managed Super Funds Association (SMSFA) annual conference on the Gold Coast in February, Assistant Commissioner Dana Fleming outlined the ATO’s journey over the past 12 months and into the future to improve regulatory effectiveness, with a focus on consistency and transparency.
‘To understand our approach to enforcement in the SMSF sector, it’s important to understand our strategic direction and our vision,’ Dana said in her speech.
On average, over the past five years only two per cent of the lodging SMSFs are reported as contravening regulatory provisions of the Superannuation Industry (Supervision) Act 1993 (SISA). The vast majority of SMSFs are doing the right thing and the vast majority of trustees we contact self-rectify. We take strong enforcement action only in the most serious cases.
‘Our preference is always to assist SMSF trustees to stay in the system by helping them rectify and return their SMSF to a point where it is again complying with the SISA. However, when rectification is not possible or appropriate, we will take action to remove the SMSF from the system, or disqualify the trustees or both.’
Dana told the conference that improving ATO transparency as a regulator is important, and part of that transparency is ensuring that trustees have a strong understanding of their obligations.
‘We need to better explain our expectations of trustees,’ she said. ‘We want to continue to highlight better the ‘swim between the flags’ zone, where the rips are and how you can navigate better the sea of compliance obligations.’
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