News : Compliance

Auditing, Compliance, Property

Fraud risk with short-term rentals

Airbnb Audit Short-term rental Fraud SMSF Lease agreement Part A qualification Fraud risk statement

SMSFs holding property to be rented out on platforms such as Airbnb pose a particular type of compliance risk auditors must note.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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ATO, Compliance, Property, Regulation

ATO hot on rental property expenses

Rental property Deductions ATO NALI

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Administration, ATO, Compliance, Superannuation

The SG clearing house danger

Clearing house Superannuation guarantee Pay day super ATO

The use of clearing houses to meet super guarantee requirements comes with a substantial risk of incurring penalties for late payments.

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ASIC, Compliance

Former adviser faces court

ASIC Financial adviser David Valvo

A former financial adviser has been charged with 12 counts of dishonest conduct in the course of carrying on a financial services business.

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Administration, Compliance, Documentation, SMSF

Old deeds can cause unwanted outcomes

SMSF Trust deed Update Review Death benefits LRBA

There are several triggering events that should necessitate an immediate review of an SMSF trust deed to avoid unintended consequences arising.

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Compliance, Education, SMSF

ATO education course takes shape

ATO Justin Micale SMSF trustee education illegal early access

The ATO will soon release the next stage of its SMSF trustee education material and has asked practitioners to reinforce its messages around preventing illegal early access.

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Compliance, LRBA, Trusts

LRBAs not good for vacant land

Single acquirable asset Vacant land LRBA Unit trust

SMSF trustees could face a compliance issue should they use an LRBA to purchase vacant land through their fund.

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