News : Compliance

ATO, Auditing, Compliance

Audit guidance reissued by ATO

SMSF, self managed super, audit, SMSF auditors, guidance, ATO, Part B, SIS Act, SIS Regulations, SMSF trustees, auditor contravention report, ACR

The ATO has released a lengthy guide on what it expects SMSF auditors to consider, noting these requirements are its minimum expectations.

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ATO, Compliance

Trustee disqualifications track downwards

SMSF, self managed super, ATO, disqualifications, SMSF trustees, Disqualified Trustee Register, Federal Register of Legislation, SMSF Association, non-compliance, superannuation laws

New ATO figures have shown the number of SMSF trustees disqualified this financial year is tracking to be lower than the previous 12 months.

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ATO, Compliance

Dishonesty not only disqualification criteria

SMSF, self managed super, Dishonesty, disqualification, trustee, disqualified person, dishonesty offence, convictions, ATO, civil penalty orders, bankrupt, ASIC, APRA, corporate trustee, waiver

The grounds that make it ineligible to act as an SMSF trustee extend past illegal acts, but may be waived if specific information is provided.

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ASIC, Compliance, financial advice, Financial Planning

Adviser convicted for dishonesty

Financial adviser, superannuation, dishonest conduct, David Mario Valvo, Downing Centre District Court, Your Financial Freedom, ASIC, Wealthtrac

A former adviser who accessed clients’ superannuation accounts using false documents has been convicted of dishonest conduct and forced to repay his clients.

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ATO, Compliance, Regulation

Penalties highlight member loan flaw

Smarter SMSF, education, Tim Miller, ATO, The Auditors Institute,

Advisers viewing financial assistance to members as a lesser issue than illegal access should examine the related penalties and cease recommending it.

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Compliance, Documentation

Resolutions use can lessen disputes

Member disputes, Accurium, education, Mark Ellem, Neal Dallas,

Adopting a practice of using resolutions to verify every course of action an SMSF undertakes can effectively mitigate member disputes.

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Compliance, Trusts

Trustee duties go beyond the deed

SMSF trustees must keep in mind the SIS Act dictates their responsibilities in running a fund go beyond those contained in the trust deed.

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Compliance, Regulation, SMSF, Superannuation

Court orders wind-up of rollover scheme

A managed investment scheme linked to superannuation rollover advice will be wound-up after the Federal Court ordered its closure.

A managed investment scheme linked to superannuation rollover advice will be wound up after the Federal Court ordered its closure.

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Compliance, Technology

From MFA to the sock drawer: SMSF security

SMSFs must employ professional security protocols to protect their assets in the wake of an increased number of cyberattacks.

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Compliance, Technology

Attacked funds had protection in place

Mary Delahunty, ASFA, Australian Securities and Investment Commission, ASIC, Association of Superannuation Funds of Australia, Financial Crime Protection Initiative, FCPI,

ASFA has reassured superannuants protections were in place to deal with cyberattacks on their funds and it will take further action to strengthen those measures against future threats.

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