News : Compliance

ASIC, Compliance, Financial Advice

Bans for two more former MWL advisers

Two more financial advisers who were authorised by MWL Financial Services have been banned for periods of three to five years.

Two more financial advisers who were authorised by MWL Financial Services have been banned for periods of three to five years.

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ATO, Compliance, Contributions, Tax

No need for zero deduction notification

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

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ASIC, ATO, Auditing, Compliance, Documentation

Client audit files require specificity

Auditors must structure their record-keeping to reflect specific files pertaining to particular clients in order to satisfy their professional obligations.

Auditors must structure their record-keeping to reflect specific files pertaining to particular clients in order to satisfy their professional obligations.

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Compliance, TPB

Tougher tax agent penalties welcomed

A major accounting body has welcomed plans to significantly increase penalties for tax agents who breach their legal obligations.

A major accounting body has welcomed plans to significantly increase penalties for tax agents who breach their legal obligations.

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Compliance, Payday Super

Call for greater Payday Super relief

Greater discretion should apply to the transitional rules for Payday Super which could be strictly applied regardless of circumstances.

Greater discretion should apply to the transitional rules for Payday Super which could be strictly applied regardless of circumstances.

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Administration, Compliance, Documentation

Appeal denied for lodgement failures

An SMSF trustee has lost an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

An SMSF trustee has lost an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

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ASIC, Compliance, Superannuation

ASIC warns super platform trustees

ASIC has expressed its concerns that platform trustees are failing to appropriately protect Australians' retirement savings.

ASIC has expressed its concerns that platform trustees are failing to appropriately protect Australians’ retirement savings.

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Compliance, Payday Super, SuperStream

ESA change needs prompt action

SMSFs switching ESAs should act in the coming days to ensure they are not caught out by delays that lead to contribution issues under Payday Super.

SMSFs switching ESAs should act in the coming days to ensure they are not caught out by delays that lead to contribution issues under Payday Super.

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Compliance, SMSF, SMSFA, Tax

Spruiking is issue, not SMSFs

Restrictions on the use of SMSFs to prevent spruiking blames a structure and not the behaviour of those acting badly.

Restrictions on the use of SMSFs to prevent spruiking blames a structure and not the behaviour of those acting badly.

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Compliance, CSLR, Financial Advice, Financial Planning

IFPA calls for fairer CSLR

IFPA believes the current CSLR funding model places an unfair burden on financial advisers and managing investment schemes should be included.

IFPA believes the current CSLR funding model places an unfair burden on financial advisers and managing investment schemes should be included.

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