News : Compliance

Compliance, financial advice, Financial Planning, Legislation, Management, Regulation

SMSF Association demands CSLR overhaul

The SMSF Association has said the Compensation Scheme of Last Resort needs an immediate overhaul as the current system is unsustainable.

The SMSF Association has recommended an immediate overhaul to the Compensation Scheme of Last Resort as the current system is unsustainable.

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ATO, Auditing, Compliance, Legislation, Regulation

Responses not indicative of ACR actions

All auditor contravention reports received by the ATO are examined and actioned but the regulator is limited as to the feedback it provides.

All auditor contravention reports received by the ATO are examined and actioned but the regulator is limited as to the feedback it provides.

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Compliance, Contributions, Downsizer, Legislation, Regulation, Strategy

Downsizer contributions need proceeds

In order to be able to make a downsizer contribution, SMSF members must actually receive some proceeds from the sale of their existing residence.

In order to be able to make a downsizer contribution, SMSF members must actually receive some proceeds from the sale of their existing residence.

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Compliance, SMSF, Superannuation

More protection needed for SMSF switching

Consumer protections need to be improved for rollovers to SMSFs in the wake of the Shield and First Guardian collapses.

Consumer protections need to be improved for rollovers to SMSFs in the wake of the Shield and First Guardian collapses.

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ASIC, Compliance, financial advice, Financial Planning

Licensees, research house face Shield scrutiny

ASIC has begun action against two licensees and a research house over their connections to the failed Shield and First Guardian master funds.

ASIC has begun action against two licensees and a research house over their connections to the failed Shield and First Guardian master funds.

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Compliance, Death benefits, Pensions

TR 2013/5 impacts death pensions

Additional rules must be followed beyond those in Taxation Ruling 2013/5 when a death benefit pension fails to make minimum payments.

Additional rules must be followed beyond those in Taxation Ruling 2013/5 when a death benefit pension fails to make minimum payments.

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Compliance, Education, Legislation, Regulation, SMSFA

Education directions need fine-tuning

Proposed education directions for SMSF trustees need improvement to be more useful in directing and guiding behaviour.

Proposed education directions for SMSF trustees need improvement to be more useful in directing and guiding behaviour.

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Compliance, Legislation, Property, Regulation, Residential Property

Property developments treated harshly

A recent trustee experience has demonstrated the ATO does not view SMSF investments in property developments involving a related party favourably.

A recent trustee experience has demonstrated the ATO does not view SMSF investments in property developments involving a related party favourably.

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Compliance, Direct Property, Investments, Pensions, Strategy

Liquidity issues should be flagged

SMSF auditors and accountants should be highlighting the need for liquidity inside funds where investments are locked into property assets.

SMSF auditors and accountants should be highlighting the need for liquidity inside funds where investments are locked into property assets.

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Compliance, Contributions, Legislation, Regulation, Superannuation

Call for Payday Super relief extension

Seven industry bodies have recommended the ATO extend transitional relief for the Payday Super reforms out to 30 June 2028.

Seven industry bodies have recommended the ATO extend transitional relief for the Payday Super reforms out to 30 June 2028.

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