News : Compliance

Compliance, Regulation, Superannuation

One-for-one EPOA selection not needed

An individual appointed as an enduring power of attorney for an SMSF is not limited to act on behalf of only the fund’s trustees.

An individual appointed as an enduring power of attorney for an SMSF is not limited to act on behalf of only the fund’s trustees.

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Auditing, Compliance

Separation of assets must be provable

Auditors must seek evidence SMSFs are complying with separation of assets rules regardless of how the fund is holding them.

Auditors must seek evidence SMSFs are complying with separation of assets rules regardless of how the fund is holding them.

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Compliance, Strategy, Trusts

Examine deeds for compensation payments

SMSF deeds factoring in provisions for receiving compensation payments should ensure they cover events even after a fund has ceased operating.

SMSF deeds factoring in provisions for receiving compensation payments should ensure they cover events even after a fund has ceased operating.

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Accounting, Compliance, financial advice, Financial Planning, SMSF

Avoid direction in unlicensed advice

Unlicensed SMSF practitioners must not influence clients to act, but can provide operational information around the creation and running of a fund.

Unlicensed SMSF practitioners must not influence clients to act, but can provide operational information around the creation and running of a fund.

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AFCA, Compliance, financial advice, Financial Planning, SMSF

Structure not at heart of SMSF complaints

SMSF complaints received by AFCA have been caused by poor and conflicted advice and not by the underlying fund structure.

SMSF complaints received by AFCA have been caused by poor and conflicted advice and not by the underlying fund structure.

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Compliance, financial advice, Financial Planning, Regulation

FSC welcomes CSLR levy consultation

Financial Services Council, FSC, Financial Services Minister, Daniel Mulino, Treasury, consultation paper, Compensation Scheme of Last Resort, CSLR, Blake Briggs

The Financial Services Council has applauded the government’s decision to enter a consultation process with regard to the funding of the Compensation Scheme of Last Resort in the immediate future.

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Compliance, Documentation, Investments, SMSF

Strategy reviews require evidence

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, trustees, investment strategy, minute, BT, Bryan Ashenden, written resolution, SIS Regulations

While trustees may be used to documenting their fund’s investment strategy, any changes to it must also be formally recorded for compliance purposes.

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Compliance, Regulation, SMSF, Superannuation

Super gatekeeping needs reform

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, superannuation, platforms, ASIC, Joe Longo, Shield Master Fund, First Guardian Master Fund, regulations

The corporate regulator is worried bad actors, sometimes using SMSF structures, could undermine trust in Australia’s superannuation system.

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Compliance, Death benefits, Strategy

Proper trustee discretion key in death

Trustee discretion must meet certain thresholds set by the courts for decisions made under this power with regard to death benefit distributions.

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