News : Compliance

ASIC, Auditing, Compliance

SMSF auditors sanctioned over fee source

ASIC SMSF auditors Independence standards ATO Referral

ASIC has suspended the registrations of three SMSF auditors following an investigation that found significant breaches of the independence standards.

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Administration, Compliance, Pensions

TRIS strategy can mean access risk

Colonial First State Craig Day transition-to-retirement income stream illegal early release SMSF Self-managed superannuation TR 2013/5 ATO

Starting and stopping a transition-to-retirement income stream multiple times in one year may trigger compliance issues for an SMSF.

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ATO, Compliance

New funds monitored for illegal access

SMSF Self-managed superannuation ATO Super Fund Lookup SFLU Registration Establishment illegal access

The ATO is closely monitoring the registration details of new SMSFs to identify any fraudulent activity or attempts to illegally access superannuation entitlements.

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Compliance, Documentation, financial advice

FSG requirement relief welcomed

Delivering Better Financial Outcomes DBFO Financial Advice Association Australia FAAA Phil Anderson financial services guide FSG relief

The peak financial planning industry body has endorsed ASIC’s recent relief that will reduce red tape and costs associated with providing financial advice.

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Accounting, Compliance, Superannuation

Bookkeeping can add compliance risk

SMSF Self-managed superannuation fund Excess contribution Illegal early access Loan Classification Condition of release

The incorrect classification of money withdrawn early from superannuation can lead to additional compliance issues for SMSF trustees.

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Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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AAT, ATO, Compliance, Contributions, Superannuation

Divorce doesn’t alter contribution rules

Non-concessional contribution Divorce AAT Total superannuation balance ATO Special circumstances

The AAT has upheld an ATO decision that divorce-related superannuation splits are not special circumstances that alter how contribution caps will be applied.

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ATO, Compliance, Regulation

Sole purpose tough with some transactions

SMSF Self-managed superannuation Sole purpose test Related party Property development ATO Cooper Partners Financial Services Jemma Sanderson

SMSFs may be better off avoiding complex related-party transactions if the effort to enact them exceeds the work required to comply with the sole purpose test.

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Compliance, Property, SMSF

SMSF in administration can sell property

Re Absolute Vision Technologies SMSF Property Administration Sladen Legal Terence Wong Self-managed superannuation

The NSW Supreme Court has ruled a former SMSF trustee can sell a property while in administration on the provision the fund’s existing members consent to the sale.

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Compliance, Estate Planning, financial advice

Estate planning commitment needed

Estate planning BDBN Binding death benefit nomination SMSF Self-managed superannuation Accurium View Legal

If accountants and advisers are looking to provide estate planning services, they must be unwavering in their efforts to do so to mitigate legal risk.

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