News : Compliance

ATO, Compliance

Education directive process confirmed

The ATO has stipulated how it will enforce compliance for trustees who make inadvertent errors and when to escalate that approach.

The ATO has stipulated how it will enforce compliance for trustees who make inadvertent errors and when to escalate that approach.

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Compliance, Division 296, Legislation, Tax

Potential Div 296 impact grows

The latest industry research has highlighted a growing number of SMSFs will be impacted by the proposed Division 296 tax.

The latest industry research has highlighted a growing number of SMSFs will be impacted by the proposed Division 296 tax.

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Compliance, Crypto Assets, Investments, Trusts

13.22c no easy way into crypto

The structure of a 13.22c unit trust may appear to make it useful for an SMSF to invest in crypto, but it is more likely to break super laws.

The structure of a 13.22c unit trust may appear to make it useful for an SMSF to invest in crypto, but it is more likely to break super laws.

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ATO, Compliance, Regulation, SMSFA

Audit of ATO oversight welcomed

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

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ATO, Compliance, Documentation

ATO SAR letters require action

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

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Compliance, Legislation, Regulation

Member numbers determine trustee rules

The number of members included in an SMSF will be the most important factor in determining the obligations and responsibilities of the fund trustees.

The number of members included in an SMSF will be the most important factor in determining the obligations and responsibilities of the fund trustees.

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Compliance, Contributions, Pensions, Tax

Min pension effects contribution status

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

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Compliance, financial advice, Financial Planning, Legislation, Regulation

CSLR blowout must be shared

The shortfall regarding CSLR funding should be spread across all financial services sectors as well as the government sector.

The funding shortfall regarding the CSLR should be borne by the entire financial services industry as well as the government sector.

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ATO, Auditing, Compliance, Cryptocurrency, Investments

Crypto valuation reference changed

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

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ATO, Auditing, Compliance

Lost declaration treatment clarified

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

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