News : Compliance

ATO, Compliance, Tax

New SMSFs targeted for non-lodgement

SMSFs annual returns

New SMSFs are failing to lodge annual returns and abide by their taxation obligations, drawing the attention of the ATO.

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Compliance, financial advice, Regulation

Jones accepts majority of QAR proposals

QAR recommendations

The government will accept many of the recommendations of the Quality of Advice Review, but has reserved its position on how some of them will be enacted.

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Compliance, NALI/NALE, SMSF

NALE penalty appropriate, but needs clarity

NALE penalty level

The update to the NALE penalty in the 2023 federal budget is a reasonable approach, however, further clarification is needed on what defines a NALE compliance breach.

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Administration, Compliance, SMSF

Rollover objections cannot be ignored

SMSF rollover objections

SMSF trustees cannot ignore a member’s objection to a rollover and should seek legal advice even if the trust deed allows for the transfer.

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ASIC, Compliance, SMSF

ASIC takes action on SMSF advice

ASIC SMSF rollover

ASIC has penalised two individuals for acting against their clients’ best interests when persuading them to transfer their superannuation funds into SMSFs.

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AFCA, Compliance, financial advice, Investments, SMSF

Wholesale advice must be exclusive

wholesale investors advice

Practitioners must ensure they are not exposed to the compliance requirements for retail clients if they are purely servicing wholesale investors.

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Compliance, Regulation, SMSFA, Tax

SMSFA supports franking credits review

Franking credits review

The SMSF Association has backed further review of proposed franking credit amendments, expressing concerns over potential impacts on legitimate business operations.

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Compliance, Regulation, Tax

ASA backs franking credits clarification

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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ASIC, Compliance, financial advice

Adviser registration date pushed back again

Adviser registration date

ASIC has extended the date by which financial advisers must be registered with the regulator by a further three months, with the new date set for October.

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Compliance

Asset compliance needs recognition

SMSF compliance asset

Ongoing SMSF compliance responsibilities must to be understood by trustees before any type of asset is purchased for a fund.

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