News : Compliance

Administration, Compliance

Funds must justify rent relief for tenants

SMSF Rent relief

Trustees must provide commercial justification on behalf of their fund for any rent relief arrangements with tenants unable to pay rent because of the COVID-19 pandemic, an SMSF technical expert says.

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ATO, Compliance

ATO data lifts need for warnings

ATO investment strategy compliance

New ATO data-checking abilities mean trustees need to comply with investment guidelines and advisers should be promoting this compliance.

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Compliance, ETFs

ETFs minimise adviser compliance risk

ETFs compliance risks

A panel of industry stakeholders has agreed the use of exchange-traded funds can allow advisers to reduce their compliance risks.

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Compliance

Targeted implementation of work test amendment likely

Targeted work test

A technical expert has suggested the relaxing of the work test rules is likely to be implemented in a fashion targeted toward certain individuals.

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ATO, Compliance

ATO flags trustee eligibility concerns

ATO SMSF trustees eligibility

The ATO has reminded potential SMSF trustees and directors of SMSF corporate trustees about their eligibility obligations.

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ATO, Compliance

ATO toughens breach stance

ATO trustees breaches

The ATO will give fewer warnings but more penalties to SMSFs that breach their obligations under a recalibrated enforcement model.

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Compliance, Regulation

Compo scheme should be broad

financial services compensation scheme

All providers of financial services and products should be part of and contribute to an industry-wide consumer compensation scheme, the SMSF Association has recommended.

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Compliance, Regulation

System fine without active member test

Active member test

The active member test for overseas SMSF trustees would become irrelevant if the current approach to rollovers and personal contributions was improved, an SMSF expert says.

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Compliance, Superannuation

TBC indexation determined in late January

Transfer balance cap indexation

Superannuants will know in late January whether indexation will be applied to the transfer balance cap from 1 July 2020.

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Administration, Compliance

Offshore control of SMSFs possible, but limited

SMSF overseas control

SMSF trustees can exercise control over their funds while overseas, but recent ATO rulings have emphasised the need for major decisions to take place in Australia.

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