News : Compliance

ATO, Auditing, Compliance

ATO monitoring auditor workload

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

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Compliance, Regulation, Tax, Wind ups

Manual tax return won’t hasten wind-up

The lodgement of a manual tax return shortly before 30 June will not necessarily accelerate the process of an SMSF wind-up.

The lodgement of a manual tax return shortly before 30 June will not necessarily accelerate the process of an SMSF wind-up.

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Compliance, financial advice, Financial Planning, Investments

FSC introduces new platforms standard

The Financial Services Council has introduced a new governance standard for superannuation platforms aimed at improving consumer protection.

The Financial Services Council has introduced a new governance standard for superannuation platforms aimed at improving consumer protection.

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Auditing, Compliance, Property

Rent a related-party lease failure flag

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

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ASIC, Compliance, financial advice, Superannuation

Two advisers banned over rollover advice

Two advisers, working for separate licensees, have received bans related to inappropriate advice to roll over into the First Guardian Master Fund.

Two advisers, working for separate licensees, have received bans related to inappropriate advice to roll over into the First Guardian Master Fund.

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ASIC, Compliance, financial advice, Financial Planning

ASIC bans ninth MWL adviser

ASIC has continued to impose sanctions on advisers associated with MWL Financial Services in regards to advice linked to the Shield Master Fund.

ASIC has continued to impose sanctions on advisers associated with MWL Financial Services in regards to advice linked to the Shield Master Fund.

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ATO, Compliance

No relief for prohibited loans

The ATO has no discretionary power to provide any compliance relief to SMSF trustees who have provided a prohibited loan.

The ATO has no discretionary power to provide any compliance relief to SMSF trustees who have provided a prohibited loan.

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ASIC, Compliance, Investments

Macquarie arm failed to monitor Shield

A subsidiary of Macquarie Group contravened the Corporations Act in failing to properly monitor the Shield Master Fund offered to investors.

A subsidiary of Macquarie Group contravened the Corporations Act in failing to properly monitor the Shield Master Fund offered to investors.

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Compliance, Property

Foreign property an in-house asset risk

The use of a SIS Regulation 13.22C trust to invest in a property located overseas could create an in-house asset issue for SMSF trustees.

The use of a SIS Regulation 13.22C trust to invest in a property located overseas could create an in-house asset issue for SMSF trustees.

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Compliance, Contributions

SMSFs increase Payday Super burden

SMSFs will require more vigilance from employers to ensure SG contributions are correctly received under Payday Super.

SMSFs will require more vigilance from employers to ensure SG contributions are correctly received under Payday Super.

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