News : Compliance

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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Administration, Compliance, Regulation, SMSF

Court option open for disqualified trustees

Disqualified trustees Bankruptcy Wind-up SMSF Rollover APRA fund

While the super laws state disqualified SMSF trustees are unable to act on behalf of their fund, a recent court ruling has shown there are ways they can continue to make limited decisions for the benefit of the fund.

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Auditing, Compliance, Regulation

Auditing standards impact valuations

Sufficient and appropriate evidence Asset valuations SMSF auditors Auditing standards

Professional standards play a significant role for SMSF auditors when assessing whether an asset valuation is sufficient and appropriate.

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ATO, Auditing, Compliance, Investments

ATO flags concerns over asset values

Asset valuation SMSF ATO Auditors Asset classes

The ATO has put SMSFs that have reported unchanged asset valuations over a number of years on notice, stating it is watching compliance with valuation requirements this year.

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Compliance, Death benefits, Regulation

ATO view clear on benefit payments

ATO SMSF Member benefit Death benefit Superannuation benefit Death

The ATO is taking a less discretionary approach to situations where a superannuation benefit is paid after the death of a member, but was requested before the event.

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Compliance, SMSF

Disqualification crime has no limit

SMSF trustee criminal offence disqualified person

An offence committed by an individual that disqualifies them from being an SMSF trustee will be held against them forever.

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