News : Compliance

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.

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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.

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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.

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Compliance, Superannuation

TPB targets tax agents for SAN misuse

TPB SAN misuse

The Tax Practitioners Board (TPB) is reviewing 74 registered tax practitioners believed to have provided false information to the ATO.

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Business News, Compliance

BT Panorama digital consent feature timely

BT digital consent

The recent launch of BT Panorama’s digital advice consent tool has been described as timely by one of the organisation’s senior strategy executives.

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Compliance

Court reinforces trustee standards

SMSF trustee standards
&

The recent dismissal of an appeal brought by an SMSF trustee has highlighted the need for them to maintain high standards and act in good faith when executing their duties.

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Compliance, LRBA

LRBA compliance essential despite COVID-19

LRBA compliance

Trustees forced to sell units in a trust subject to existing LRBAs should keep in mind the relevant compliance issues, regardless of the COVID-19 pandemic, a legal expert says.

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ATO, Compliance

Early super access possible for TRIS members

Early super access TRIS

Members with a TRIS might be able to access their super early if it consists of preserved or restricted non-preserved benefits, the ATO says.

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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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