News : Compliance

ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF Self-managed super auditor contravention report ACR Accurium Anthony Cullem Seamless SMSF Frank La Spada compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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Compliance, SMSF

Some compliance breaches need direct action

In the event of a trustee compliance breach, practitioners may have no choice other than to address the problem head on with the fund auditor.

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ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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ATO, Auditing, Compliance

Static asset values can be legitimate

There can be legitimate reasons as to why an SMSF asset has not changed in value over several years, but auditors must document their presence.

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ATO, Compliance

Trustee non-compliance increasing

Auditor contravention reports lodged with the ATO have shown a jump in non-compliance among SMSF trustees over recent years.

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ASIC, Compliance

CSLR payment sees licence cancellation

ASIC has cancelled the AFSL of an organisation that required the Compensation Scheme of Last Resort to settle an AFCA determination on its behalf.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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Administration, Compliance, NALI/NALE, SMSF

Stand-alone corporate trustee reduces risks

SMSF Self-managed superannuation Corporate trustee NALE Non-arm's-length expenditure Taxation Ruling 2010/1 Dan Butler DBA Lawyers

Using a corporate trustee for multiple purposes could expose an SMSF to compliance risks, particularly given the uncertainty surrounding the treatment of NALE.

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