News : Compliance

Compliance, Legislation, Regulation

Waiting for final legislation unnecessary

Advisers have been told not to wait until legislation and regulatory changes have been finalised before including them in their business operations.

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ATO, Compliance

Compliance focus reflected in ATO data

ATO statistics, SMSF compliance, SMSF trustee contraventions, market valuations, Smarter SMSF, Tim Miller, arm’s-length transactions, loans to members, provision of financial assistance, separation of assets

The latest ATO statistics published about the sector reflect the regulator’s emphasis on certain compliance areas in the past few years.

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Compliance, financial advice, Financial Planning, Regulation

CSLR review extension disappointing

Financial Advice Association of Australia, FAAA, Division 296, Upper House, Parliament, Philip Anderson, Senate, Better Targeted Super Concession Bill,

An extension to the inquiry into the operations of the Compensation Scheme of Last Resort is frustrating, given advisers need clarity on how it will impact their businesses.

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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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