News : Compliance

ATO, Compliance, financial advice, SMSF, Superannuation

Early release needs wider examination

SMSF Superannuation Illegal early release Early access CAANZ Chartered Accountants

The early release of superannuation should be addressed by looking at who is providing advice, but also reforming the rules to prevent inappropriate access.

read more
AFCA, Compliance, Regulation

Declaration can be used as disclaimer

Disclaimer Trustee declaration statement AFCA Legal protection

Practitioners may reissue fund establishment documents to SMSF clients as a precautionary measure to protect against potential legal threats in the future.

read more
Compliance, SMSF, SMSFA

Sector must halt trustee disqualifications

SMSF Association Trustee disqualifications ATO

The SMSF Association has called on the sector as a whole to address the growing number of disqualified trustees to avoid more adverse regulations.

read more
ASIC, ATO, Auditing, Compliance

ATO clear on audit compliance expectations

SMSF auditors ATO ASIC QC 45566 Compliance

The ATO is taking a strong approach to compliance by SMSF auditors and has provided clear guidance on what it expects them to do.

read more
Compliance, NALI/NALE, SMSF

Lack of discount policy a NALE risk

SMSF NALI Discount policy PCG 2020/5 LCR 2021/2

Firms offering discounted SMSF services to their employees may face NALE repercussions at the end of the financial year if specific conditions are not fulfilled.

read more
Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

read more
ATO, Compliance, SMSF

ATO worry over loans to members

ATO SMSF Loans to members illegal early access Paul Delahunty

The ATO is worried about the practice of SMSFs lending money to members as a flag for potential illegal early access of fund assets.

read more
Auditing, Compliance, SMSF

Lower-cost audits fraught with risks

Auditor independence standards SMSF auditors APES 110 Auditing services Low-cost

The increasing use of cheaper, outsourced SMSF auditing services may pose new risks in relation to upholding the independence standards for auditors in the sector.

read more
Administration, Compliance, Investments, SMSF

Investment bands totally unnecessary

SMSF Investment strategies Asset allocations tables SIS Act

The inclusion of specific allocations to particular asset classes in SMSF investment strategies should be avoided to mitigate compliance issues.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.