News : Compliance

ASIC grants compliance scheme exemption

November 14, 2019

ASIC will not penalise advice licensees for failing to sign their representatives to a compliance scheme following the government’s decision to keep ethics enforcement inhouse.

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Accounting, Compliance

Accountants influence poor trustee compliance

November 13, 2019

Jason Spits

Accountants should not sympathise with the views of SMSF trustees who do not value good compliance, an SMSF lawyer says.

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Compliance, Financial Planning

Impact of code monitoring shift minor

October 16, 2019

Jason Spits

Financial advice associations have brushed off suggestions a government run disciplinary body would reduce their role but questioned how the body will work.

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ATO, Compliance

No way out for late lodging SMSFs

October 8, 2019

Tharshini Ashokan

The ATO-imposed change in the online status of SMSF following a late lodgement cannot be reversed, an SMSF service provider has claimed.

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Compliance, Property

Compliance hampers family trust property transfers

October 2, 2019

Tharshini Ashokan

Trustees need to be aware of all potential compliance hurdles when considering the acquisition of a property from a related family trust, a specialist law firm says.

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Compliance

Trustee confusion over downsizer age

September 25, 2019

Darin Tyson-Chan

An industry administrator and educator has revealed many SMSF trustees remain unclear about the age constraints contained in the superannuation downsizer contribution rules.

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Compliance, Documentation

Documentation leading cause of compliance failure

September 24, 2019

Jason Spits

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

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Compliance

Market value substitution rules not a NALI pardon

September 19, 2019

Darin Tyson-Chan

A technical expert has warned the amendments to the non-arm’s-length income rules will still apply to an SMSF that has implemented the market value substitution measures as defined in the Income Tax Assessment Act 1997.

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Compliance

NCC cap triggers common error

September 18, 2019

Darin Tyson-Chan

An SMSF expert has identified a common misconception regarding the non-concessional contributions cap and its effect on the treatment of limit breaches.

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Compliance, Financial Planning

TBC creates puzzling advice issues

September 17, 2019

Darin Tyson-Chan

A chartered accounting firm partner has identified advice compliance complexity resulting from the transfer balance cap’s effect on the treatment of SMSF death benefits.

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