News : Compliance

ATO, Compliance, SMSF

SMSF businesses draw SPT focus

SMSF business sole purpose test ATO Accurium Anthony Cullen

Running a business inside an SMSF will attract intense ATO scrutiny to ensure the action does not breach the sole purpose test.

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Auditing, Compliance, Regulation, SMSF

Review loans to avoid audit issues

SMSF auditors Loans Litigation SIS regulations Audit file

SMSF auditors must be prepared to substantiate their audit file with sufficient evidence in situations where an SMSF has invested in a loan.

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ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

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Compliance, Property, SMSF, Tax

Incorrect loan details a stamp duty trap

SMSF Loans Property Deposit Stamp duty

Electing to pay the deposit of an SMSF property loan using an individual’s name, rather than that of the fund, could attract a stamp duty liability when the asset is transferred.

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Compliance, Investments, SMSF

Verify asset location before filing SAR

Overseas assets Australian assets Investments SMSF annual return SAR

Understanding the location of an asset that is held by an SMSF is crucial for meeting the fund’s annual reporting requirements.

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ATO, Compliance, Superannuation

Illegal early access help sought

ATO Illegal early access Illegal early release Non-lodgement Voluntary disclosure service

Practitioner assistance has been sought by the regulator to help reduce and potentially eliminate the illegal early access of super benefits.

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Administration, Compliance, Contributions

Second splitting request not allowed

Contribution Splitting Splitting application Concessional contribution SMSF

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

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Compliance, In-house assets, Investments, Regulation

Related-party challenge recognised

ATO Paul Delahunty Related parties In-house assets Part 8 associates

The difficulty trustees may have in complying with the related-party rules has been noted by the ATO in the context of the total number of SMSF members.

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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.

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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.

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