News : Compliance

ATO, Compliance

Trustee disqualifications decline

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

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Compliance, Pensions, Regulation

Multiple pensions can save payment error

SMSF members can use multiple pensions to avoid breaching payment rules, but must have clear documentation to support this strategy.

SMSF members can use multiple pensions to avoid breaching payment rules, but must have clear documentation to support this strategy.

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ASIC, Compliance, Financial Advice, Financial Planning

Exam pass rate remains steady

The most recent ASIC adviser exam has seen more people undertake the exercise, while the pass rate has remained steady.

The most recent ASIC adviser exam has seen more people undertake the exercise, while the pass rate has remained steady.

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Compliance

AUSTRAC to publish AML/CTF starter kits

The Australian Transaction Reports and Analysis Centre is providing some additional sector-specific AML/CTF Act guidance.

The Australian Transaction Reports and Analysis Centre is providing some additional sector-specific AML/CTF Act guidance.

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ATO, Compliance, Documentation, SMSF

Non-lodgements driving ATO action

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

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ATO, Auditing, Compliance

Bar is high for SMSF auditors

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

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Auditing, Compliance

ATO monitoring low-cost audits

SMSF auditors who charge low fees are viewed by the ATO as an area of risk as it ramps up efforts to see what trustees are paying each year.

SMSF auditors who charge low fees are viewed by the ATO as an area of risk as it ramps up efforts to see what trustees are paying each year.

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Compliance, Pensions, Retirement

TBC rounding error easy to make

Omitting or incorrectly applying a rule used in the calculation of a person’s transfer balance cap can lead to significant reporting errors.

Omitting or incorrectly applying a rule used in the calculation of a person’s transfer balance cap can lead to significant reporting errors.

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Compliance, Regulation

ACTU calls out regulators

The ACTU has stated financial services regulators should have done a better job in the wake of two significant product collapses.

The ACTU has stated financial services regulators should have done a better job in the wake of two significant product collapses.

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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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