News : Compliance

Administration, ATO, Compliance, Investments

ATO SMSF investment role spelt out

ATO SMSF Investment strategy Investments

The ATO’s role in assessing whether an SMSF investment strategy is appropriate has been confirmed by a financial services practice principal.

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ASIC, Compliance, Regulation

ASIC bans Queensland SMSF adviser

ASIC SMSF Financial adviser Ban

ASIC has banned a financial adviser from any involvement in the financial services industry after finding he engaged in dishonest conduct when dealing with six SMSF clients.

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Compliance, Contributions, Regulation, Strategy

Bring-forward rule timing important

Bring-forward arrangement Non-concessional contributions Contributions Contribution caps Indexation SMSF

The higher non-concessional contributions caps coming on 1 July will not be applicable for everyone looking to use the bring-forward rules.

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ATO, Compliance, SMSF

Key illegal access link quantified

ATO Illegal early access SMSF Promoter

Individuals setting up an SMSF are accounting for a significant proportion of the people illegally accessing their retirement savings early.

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ASIC, Auditing, Compliance

ASIC sanctions 15 auditors

ASIC SMSF auditors APES 110 Code of Ethics for Professional Accountants Independence standards

ASIC has taken enforcement measures against 15 SMSF auditors for breaches of the independence standards, with 13 practitioners having conditions imposed on their registrations.

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ASIC, ATO, Compliance, SMSF

Call to report illegal access advice

Illegal early access SMSFs ATO ASIC Promoters

Superannuants have been asked to report individuals who are encouraging illegal early access of retirement savings balances to the ATO.

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Compliance, Investments

SPT compliance about motives

Motivation Investments Sole purpose test SMSF

Compliance with the sole purpose test is reliant upon the reasons behind making a particular investment rather than the assets in question.

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ATO, Compliance, financial advice

ATO recovers $30m in tax from advisers

ATO ATO tax avoidance taskforce adviser strategy Financial advisers Tax liabilities

An ATO project set up under the auspices of the Tax Avoidance Taskforce has recouped almost $30 million in overdue liabilities from advisers and advisory firms.

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Compliance, financial advice, Retirement, SMSF

Be clear on conflicted SMSF advice

SMSF conflict of interest related entity DBA AFCA

A recent case before AFCA has highlighted the need for SMSF advisers to keep clear records about investment advice particularly where conflicts of interest may be involved.

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ATO, Compliance, Regulation

ATO bans 149 SMSF trustees

ATO Disqualification SMSF trustees

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

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