News : Compliance

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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ATO, Compliance, Regulation

Penalties highlight member loan flaw

Smarter SMSF, education, Tim Miller, ATO, The Auditors Institute,

Advisers viewing financial assistance to members as a lesser issue than illegal access should examine the related penalties and cease recommending it.

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Compliance, Documentation

Resolutions use can lessen disputes

Member disputes, Accurium, education, Mark Ellem, Neal Dallas,

Adopting a practice of using resolutions to verify every course of action an SMSF undertakes can effectively mitigate member disputes.

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Compliance, Trusts

Trustee duties go beyond the deed

SMSF trustees must keep in mind the SIS Act dictates their responsibilities in running a fund go beyond those contained in the trust deed.

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Compliance, Regulation, SMSF, Superannuation

Court orders wind-up of rollover scheme

A managed investment scheme linked to superannuation rollover advice will be wound-up after the Federal Court ordered its closure.

A managed investment scheme linked to superannuation rollover advice will be wound up after the Federal Court ordered its closure.

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Compliance, Technology

From MFA to the sock drawer: SMSF security

SMSFs must employ professional security protocols to protect their assets in the wake of an increased number of cyberattacks.

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Compliance, Technology

Attacked funds had protection in place

Mary Delahunty, ASFA, Australian Securities and Investment Commission, ASIC, Association of Superannuation Funds of Australia, Financial Crime Protection Initiative, FCPI,

ASFA has reassured superannuants protections were in place to deal with cyberattacks on their funds and it will take further action to strengthen those measures against future threats.

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AAT, Compliance

Disqualifications not absolute

A recent AAT decision has shown a trustee disqualification can be challenged successfully if the right set of circumstances can be established.

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Compliance, SMSF, Trusts

Multi-fund trustees are dangerous

SMSF corporate trustee, compliance failures, Heffron, Sean Johnston, multiple funds, SIS Act, sole purpose trustee, Annie Dawson, ATO

While SMSF trustees have been warned not to use any company structure for a corporate trustee, that caution also should extend to how many funds are covered by a single trustee vehicle.

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ATO, Compliance, Regulation

Disqualification a family SMSF issue

Individuals should consider the implications a serious compliance breach will have before including family members as SMSF trustees.

Individuals should consider the implications a serious compliance breach will have before including family members as SMSF trustees.

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