News : Compliance

ATO, Compliance

Voluntarily disclose unfixable problems

SMSF voluntary disclosure

SMSF trustees should not hide unfixable problems with their fund, but via voluntary disclosure inform the ATO before it finds the problem.

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Compliance, Documentation, Trusts

Trustee company deregistration suboptimal

Corporate trustee deregistered.

SMSFs face several adverse consequences should a fund’s corporate trustee directors allow the company in question to be deregistered by ASIC.

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ATO, Compliance

Trustee disqualifications hit peak

SMSF trustees disqualified

More than 250 SMSF trustees have been disqualified in a single quarter, with that number exceeding the total for the financial year.

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Compliance, Documentation

Assets without a market raise questions

SMSF assets market

The ATO has indicated assets without a ready market may not be suitable investments for SMSFs, particularly if they cannot produce growth or income.

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Compliance, Regulation

Third option for bankrupt trustees

bankrupt SMSF trustees

Trustees may not have to exit their SMSF if declared bankrupt, with a court ruling implying reasons for bankruptcy may be a deciding factor.

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Compliance

Don’t hide illegal access as SMSF loan

illegal early access SMSF loan

SMSF members should not disguise illegal early access as a loan from the fund as it is easy to spot as false, but should openly declare the mistake to the ATO.

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Compliance

Penalty units slated for two increases in 2023

penalty units

The planned increase in penalty units in the budget is to offset bad debts and will be one of two increases planned for next year.

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Compliance, Superannuation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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Compliance, Documentation

Govt launches director ID campaign

director ID campaign

The government will run an awareness campaign to ensure company directors have applied for a director ID number before the end of next month.

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Auditing, Compliance, Tax

Tax agents terminated for false SMSF audits

tax agents smsf audits

The Tax Practitioners Board has terminated the registration of two tax agents for dishonest conduct in regard to the veracity of SMSF audits.

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