News : Compliance

ASIC, Compliance, financial advice, Financial Planning

Advisers with Shield links banned

ASIC has banned two more practitioners who provided advice encouraging superannuants to invest in the Shield Master Trust.

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ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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Auditing, Compliance, Documentation

Check existence of old declarations

self managed super, self managed superannuation, SMSF, SMSF auditors, trustee declaration, 10 years, auditor contravention report, ACR, DBA Lawyers, Bryce Figot, ATO, The Auditors Institute

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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Compliance, Contributions, NALI/NALE

NALI sidestep may breach other rules

Self managed superannuation fund, Self managed super, SMSF, trustee, NALI, reimbursement, fund expenses, non-arm’s-length, ASF Audits, Shelley Banton, property, deposit, contribution, non-arm’s-length income, NALI, compliance breach, auditor contravention report, ACR

An SMSF reimbursing a trustee for fund expenses may avoid NALI, but can create other breaches under superannuation law.

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ASIC, Compliance, financial advice

ASIC moves against 18 finfluencers

Australian Securities and Investments Commission, ASIC, warning, social media, finfluencers, unlicensed financial advice, Alan Kirkland, contracts for difference, over-the-counter derivatives

The corporate watchdog has served warning notices to 18 individuals as part of a global crackdown on unlawful ‘finfluencer’ activity.

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Compliance, NALI/NALE, Regulation

Law clear on arm’s-length status

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, related-party transactions, non-arm’s-length income, ASF Audits, Shelley Banton, arm’s-length arrangements, section 109, SIS Act, Part 8 associate

How parties can deal with each other on arm’s-length terms is not confusing as super law has clear parameters on what is expected during SMSF transactions.

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ATO, Auditing, Compliance

Audit guidance reissued by ATO

SMSF, self managed super, audit, SMSF auditors, guidance, ATO, Part B, SIS Act, SIS Regulations, SMSF trustees, auditor contravention report, ACR

The ATO has released a lengthy guide on what it expects SMSF auditors to consider, noting these requirements are its minimum expectations.

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ATO, Compliance

Trustee disqualifications track downwards

SMSF, self managed super, ATO, disqualifications, SMSF trustees, Disqualified Trustee Register, Federal Register of Legislation, SMSF Association, non-compliance, superannuation laws

New ATO figures have shown the number of SMSF trustees disqualified this financial year is tracking to be lower than the previous 12 months.

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ATO, Compliance

Dishonesty not only disqualification criteria

SMSF, self managed super, Dishonesty, disqualification, trustee, disqualified person, dishonesty offence, convictions, ATO, civil penalty orders, bankrupt, ASIC, APRA, corporate trustee, waiver

The grounds that make it ineligible to act as an SMSF trustee extend past illegal acts, but may be waived if specific information is provided.

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ASIC, Compliance, financial advice, Financial Planning

Adviser convicted for dishonesty

Financial adviser, superannuation, dishonest conduct, David Mario Valvo, Downing Centre District Court, Your Financial Freedom, ASIC, Wealthtrac

A former adviser who accessed clients’ superannuation accounts using false documents has been convicted of dishonest conduct and forced to repay his clients.

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