News : Compliance

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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Compliance, financial advice, Insurance

Seek legal advice on injury contribution

Self-managed superannuation SMSF personal injury settlement settlement compensation superannuation contribution BT Financial Group Tim Howard

Practitioners advising SMSF members on using personal injury settlements for super contributions should ensure the payments meet key eligibility criteria.

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Auditing, Compliance, SMSF

Incomplete audit files a key error

Audit file Notation Market valuation Error

Lack of notation in the official files relating to procedures performed as part of an SMSF audit is the most common error made by practitioners.

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Compliance, SMSF

SAR non-lodgement now more concerning

SMSF annual return Non-lodgement ATO SAR SMSF

SMSFs failing to lodge annual returns is becoming a bigger problem for the sector as a whole and is causing significant angst for the ATO.

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Administration, Compliance, NALI/NALE

PCG 2016/5 not absolute for NALI

Safe harbour PCG 2016/5 NALI non-arm's-length income LRBA Limited recourse borrowing arrangement SMSF Self-managed superannuation ATO Paul Delahunty

Not satisfying the LRBA safe harbour rules defined in PCG 2016/5 will not necessarily trigger the non-arm’s-length income provisions.

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