News : Compliance

AAT, Compliance, Regulation, SMSF

Case alters financial assistance view

Superannuation (Industry) Supervision (SIS) Act. AAT Merchant vs Commissioner [2024] ATO SMSF Self-managed superannuation Financial assistance Section 65

An SMSF may be at risk of breaching the SIS Act if it provides financial assistance to related parties, even when conducting seemingly standard transactions.

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Compliance, Regulation, Tax

Rapid changes to tax agent code concerning

SMSF Assocation Chartered Accountants Australia and New Zealand Tax Practitioners Board determination Code of Professional Conduct Tax agents

Government measures that expand the code of conduct for tax agents will be difficult to implement and are being introduced with no consultation, raising concerns for industry bodies.

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Auditing, Compliance, Documentation, Property, SMSF

Act now on property valuation data

Comparable sales data Property valuations Asset valuations SMSF Self-managed superannuation Auditor Tactical Super Deanne Firth

To comply with ATO guidelines and auditor requirements, SMSF practitioners should secure up-to-date sales data for property valuations as soon as possible.

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Compliance, Documentation, SMSF

Advice doesn’t negate strategy obligations

SIS Act SMSF Self-managed superannuation Investment strategy Mailene Wheeler Vincents

SMSF trustees receiving professional advice should be reminded action does not remove their obligation to create and execute an investment strategy for their fund.

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AAT, Compliance, Investments, SMSF

Strategy must match investment actions

SMSF Investment strategy SIS Act Merchant v Commissioner of Taxation [2024] Administrative Appeals Tribunal DBA Lawyers Shaun Backhaus

SMSF trustees cannot only articulate an investment strategy, but must give effect to it each year to be compliant with their obligations under superannuation law.

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Compliance, financial advice

SMSFA supports call to revise ASIC funding

SMSF Association Peter Burgess ASIC Financial adviser levy industry funding model Senate Economics References Committee

A Senate inquiry recommendation for the ASIC funding model to be less reliant on levies should be implemented to prevent advisers facing higher costs each year.

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ATO, Auditing, Compliance, SMSF

ATO auditor notices spark confusion

SMSF Self-managed superannuation SMSF auditors ATO Unchanged asset valuations

SMSF auditors are confused by the ATO’s compliance program targeting funds with unchanged asset valuations due to unclear guidance on which funds are at risk.

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Compliance, Pensions, SMSF, Superannuation

TRIS payment penalties severe

transition to retirement income stream TRIS pension standards minimum drawdown maximum drawdown exempt current pension income SMSF Professionals Day 2024

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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Compliance, Contributions, Tax

Contribution deduction can’t outweigh income

Contribution Deduction ATO Assessable income Non-concessional contribution

Trustees must ensure they have enough assessable income to offset a contribution deduction to avoid the risk of a compliance breach that will incur additional tax liabilities.

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