News : Compliance

Compliance, financial advice, SMSF

Unlawful acts an industry-wide issue

Instances of illegal acts involving SMSFs must be treated as issues for the financial services industry as a whole to address and not sector-specific problems.

Instances of illegal acts involving SMSFs must be treated as issues for the financial services industry as a whole to address and not sector-specific problems.

read more
Compliance, Legislation

Financial assistance can be indirect

SIS Act, SMSF, financial assistance, superannuation Superannuation Industry (Supervision) (SIS) Act, compliance, SMSF trustees, section 65, family trusts, unit trusts, Cooper Grace Ward, Scott Hay-Bartlem, SMSF Association National Conference 2025, Administrative Appeals Tribunal, Merchant v Commissioner of Taxation

The legal provisions in the SIS Act preventing an SMSF from providing financial assistance to any parties are very broad in their application.

read more
ATO, Compliance

ATO correspondence often ignored

The regulator has noticed a disturbing trend whereby SMSF trustees are ignoring critical pieces of correspondence relating to compliance breaches.

read more
ATO, Compliance, Documentation

Annual returns key to sector integrity

ATO, Rosenzweig, SMSF Annual Returns, SMSF Association National Conference 2025,

The ATO has shed light on the critical role the lodgement of SMSF annual returns plays in its monitoring of sector integrity.

read more
ATO, Auditing, Compliance

Trustees should be proactive with breaches

Trustees who have a contravention in their fund should be proactive in providing information about the mistake, its rectification and the action they have taken to prevent a reoccurrence.

read more
ATO, Business News, Compliance, SMSF, Superannuation, Tax

ATO releases auditor priorities

The volume and cost of SMSF auditors’ work will be key areas of focus for the ATO in the coming year, with outliers likely to draw attention.

The volume and cost of SMSF auditors’ work will be key areas of focus for the ATO in the coming year, with outliers likely to draw attention.

read more
Compliance, Legislation, Regulation

Waiting for final legislation unnecessary

Advisers have been told not to wait until legislation and regulatory changes have been finalised before including them in their business operations.

read more
ATO, Compliance

Compliance focus reflected in ATO data

ATO statistics, SMSF compliance, SMSF trustee contraventions, market valuations, Smarter SMSF, Tim Miller, arm’s-length transactions, loans to members, provision of financial assistance, separation of assets

The latest ATO statistics published about the sector reflect the regulator’s emphasis on certain compliance areas in the past few years.

read more
Compliance, financial advice, Financial Planning, Regulation

CSLR review extension disappointing

Financial Advice Association of Australia, FAAA, Division 296, Upper House, Parliament, Philip Anderson, Senate, Better Targeted Super Concession Bill,

An extension to the inquiry into the operations of the Compensation Scheme of Last Resort is frustrating, given advisers need clarity on how it will impact their businesses.

read more
ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.