News : Compliance

Compliance, Education, financial advice

Adviser exam pass rate improves

ASIC Financial adviser exam

There has been a slight improvement in the number of candidates passing the most recent financial adviser exam overseen by ASIC.

read more
Compliance, Contributions, Pensions

Caps only barrier to pension

Non-concessional contribution Pension Total superannuation balance Contribution cap

A contribution being succeeded by a pension in short order is allowable with the only barrier to the former being the relevant caps that may apply.

read more
ATO, Compliance, Contributions

Take action on excess contributions

ATO Non-concessional contributions Excess concessional contribution Contribution caps

Trustees making a concessional contribution over the cap limit could face tax and compliance issues if they take no action to withdraw it from the fund.

read more
ASIC, Compliance, SMSF

Macquarie fined over SMSF fees

ASIC SMSF Macquarie Bank Federal Court Unauthorised fees Ross Hopkins Cash management accounts

Macquarie Bank has been ordered to pay $10 million in fines after failing to prevent unauthorised fee transactions from its clients’ SMSF accounts by a third party.

read more
ATO, Compliance, SMSF

ATO issues illegal access fact sheet

ATO SMSF Illegal early access Illegal early release Fact sheet

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

read more
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.

read more
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.

read more
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.

read more
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.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.