News : Compliance

ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

read more
Compliance, FASEA

Conflicts standard needs further work

conflicts of interest FASEA

The AFA has called for further work to be done to clarify the impact of conflict of interest provisions in the FASEA code of ethics.

read more
ATO, Compliance

ATO penalties must be defensible and just

ATO penalties SMSF

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

read more
Compliance, Regulation

AFCA ends dispute time-frame extension

AFCA extension

A COVID-19-driven extension to deal with complaints will soon come to an end, giving advice practitioners 21 days to respond to issues raised by clients.

read more
ATO, Compliance

Trustee steps to shape penalties

SMSF trustee ATO penalties

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

read more
Compliance, Documentation

Asset values must still be reported

SMSF asset values report

SMSF trustees must continue to report asset values, but will not be penalised if unable to do so because of the COVID-19 pandemic.

read more
Compliance, Superannuation

Personal situation not a sole purpose bypass

sole purpose test

SMSF trustees moving lumpy assets into a fund are becoming too relaxed in overlooking the sole purpose test in favour of personal circumstances.

read more
ATO, Compliance

Voluntary disclosure best compliance action

voluntary disclosure trustees

Trustees should reveal their compliance issues via the ATO’s voluntary disclosure program as soon as possible, the regulator says.

read more
Compliance

Compliance to assess incapacity

ATO trustees incapacity

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees.

read more
Auditing, Compliance

Tax agent banned for SAN misuse

tax agent banned SAN misuse

A Queensland-based tax agent has been banned for four years following a Tax Practitioners Board investigation into SAN misuse.

read more

Copyright © SMS Magazine 2020

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital