News : Compliance

ASIC, Auditing, Compliance, SMSF

ASIC sanctions nine SMSF auditors

SMSF auditors ASIC Disqualification Compliance

ASIC has taken action to remove seven SMSF auditors from practice and imposed conditions on two more practitioners after referrals from the ATO.

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ASIC, Compliance, SMSF

SMSF investment firm to be wound up

SMSF investment firm Brite Advisors ASIC Federal court wind-up

The Federal Court has ordered the winding up of an investment firm offering services to SMSF and pension scheme members in four countries amid concerns over missing assets.

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Compliance, Documentation

EPOA role is more than a proxy

SMSF trustee SMSF director EPOA enduring power of attorney The Auditors Institute Graeme Colley Superannuation Industry (Supervision) Act

The role of a person acting under an enduring power of attorney for an incapacitated trustee can be misunderstood, with many seeing them acting as a proxy, which runs counter to the law.

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Compliance, Contributions, Property

Property improvements a cap risk

Property assets Improvements Contributions Contribution caps SMSFs

Changes to property assets in an SMSF are likely to be considered contributions to the fund as they meet the definition of a contribution under taxation law.

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Auditing, Compliance, Investments, Regulation, Superannuation

Many ways to fix in-house assets

SMSF In-house assets 5 per cent limit Rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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Compliance, Death benefits, Superannuation, Tax

Non-cash payouts can be a great solution

ATO Death benefit member benefit Superannuation benefit Redemption of investments

A recent ATO private ruling regarding death benefits could have had a different outcome if an alternate redemption process had been used.

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Compliance, Legislation, Tax

Submissions require real evidence

Treasury Consultation Division 296 tax Stakeholders Submissions

Some stakeholder criticism regarding the Division 296 tax was treated less seriously by Treasury due to a lack of evidence supporting the concerns raised.

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ATO, Compliance, LRBA

PCG 2016/5 compliance pleasing

Related parties PCG 2016/5 LRBA ATO Non-licensed financial institutions

The ATO has found the majority of SMSFs with an LRBA sourced from a non-licensed financial institution are obeying the relevant compliance rules.

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