News : Compliance

ATO, Compliance

ATO urges caution on death benefit income streams

Death benefit income streams

SMSF death benefit income streams must satisfy minimum pension requirements in order to meet compulsory cashing requirements and remain compliant, the ATO has warned.

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Administration, Compliance

SMSF record-keeping essential to compliance

SMSF record-keeping requirements

Trustees should be aware of their record-keeping requirements under the SIS Act in order to stay compliant, an expert says.

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ASIC, ATO, Compliance, Regulation

Evidence needed to back SMSF review calls

SMSF; review

Calls for a review of the SMSF sector need to be backed with evidence, the SMSF Association has stated, pointing out four reviews have yet to flag major concerns.

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Compliance

Member admission poses compliance risk for SMSFs

Trustees and advisers who do not pay close attention to SMSF member admission rules may be placing their funds at risk of being found non-compliant by the ATO.

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ASIC, Compliance

ASIC clarifies litigation strategy

ASIC has detailed how its enforcement activities will operate, highlighting that while litigation was an option, other enforcement actions were also in use.

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ATO, Compliance

Care needed over contribution refunds

POpening wallet to pay a refund

Following the prescribed legal manner as to how to refund a contribution made or accepted in error is critical from a compliance perspective.

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Compliance, Strategy

Six members may require corporate trustee

Having a corporate trustee may be the only solution for some SMSFs wanting to increase the number of fund members to the maximum of six.

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Accounting, Compliance, Platforms

Advice firm offers licensees new compliance solution

A Victorian advice firm has teamed with a large-scale software developer to offer advice groups a new compliance system.

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Administration, Compliance, Platforms

Migration main focus for SuperConcepts

New SuperConcepts chief executive Adrian Urquhart has nominated service consolidation and growth as his key priorities.

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Compliance, Education, Regulation

FASEA ethics will overrule licensee obligations

Advisers will be required to consider client best interests ahead of licensee obligations when making ethical decisions.

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