News : Compliance

Administration, Compliance, SMSF, SuperStream

Doubt cast on Div 296 start date

The lack of action by large super funds to prepare for the Division 296 impost makes it likely it will not be applied this financial year.

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Compliance, financial advice, Financial Planning, Regulation

SMSF member financial abuse more painful

SMSF members who are victims of financial abuse are likely to suffer additional distress as there is no complaint body for the sector.

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ASIC, Compliance, Regulation

Mayfair 101 director ruling reached

The Federal Court has ruled against Mayfair 101 Group director James Mawhinney in several allegations made by ASIC with regard to the organisation’s conduct.

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Administration, Compliance, Regulation, Valuations

Pre-audit meeting can smooth review

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuations, Vincents, Mailene Wheeler, unlisted trusts, unlisted companies, SMSF auditor, financial statements, pre-audit discussion

A pre-audit discussion with clients about hard-to-value assets can reduce the need for the auditor to question an SMSF’s financial statements.

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ASIC, Compliance, financial advice, Financial Planning

Advisers with Shield links banned

ASIC, banned, Matthew Simon Bradley, Isaac Jacob McQueen, Shield Master Trust, MWL Financial Services Pty Ltd, Keystone Group, Financial Services Group Australia, Graham Holmes

ASIC has banned two more practitioners who provided advice encouraging superannuants to invest in the Shield Master Trust.

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ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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Auditing, Compliance, Documentation

Check existence of old declarations

self managed super, self managed superannuation, SMSF, SMSF auditors, trustee declaration, 10 years, auditor contravention report, ACR, DBA Lawyers, Bryce Figot, ATO, The Auditors Institute

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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Compliance, Contributions, NALI/NALE

NALI sidestep may breach other rules

Self managed superannuation fund, Self managed super, SMSF, trustee, NALI, reimbursement, fund expenses, non-arm’s-length, ASF Audits, Shelley Banton, property, deposit, contribution, non-arm’s-length income, NALI, compliance breach, auditor contravention report, ACR

An SMSF reimbursing a trustee for fund expenses may avoid NALI, but can create other breaches under superannuation law.

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ASIC, Compliance, financial advice

ASIC moves against 18 finfluencers

Australian Securities and Investments Commission, ASIC, warning, social media, finfluencers, unlicensed financial advice, Alan Kirkland, contracts for difference, over-the-counter derivatives

The corporate watchdog has served warning notices to 18 individuals as part of a global crackdown on unlawful ‘finfluencer’ activity.

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Compliance, NALI/NALE, Regulation

Law clear on arm’s-length status

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, related-party transactions, non-arm’s-length income, ASF Audits, Shelley Banton, arm’s-length arrangements, section 109, SIS Act, Part 8 associate

How parties can deal with each other on arm’s-length terms is not confusing as super law has clear parameters on what is expected during SMSF transactions.

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