News : Compliance

Auditing, Compliance, Documentation

Unsigned documents a trustee breach

Trustees failing to sign fund documents, even in the event of a dispute, will still be in breach of their obligations.

Trustees failing to sign fund documents, even in the event of a dispute, will still be in breach of their obligations.

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ATO, Compliance

New disqualified person category invoked

A new category of disqualified person relating to SMSF trustees has been added to address unpaid compensation for victims of criminal behaviour.

A new category of disqualified person relating to SMSF trustees has been added to address unpaid compensation for victims of criminal behaviour.

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ASIC, Compliance, Superannuation

Netwealth found to have violated Corporations Act

The Federal Court has made a declaration Netwealth contravened the Corporations Act in relation to the First Guardian Master Fund.

The Federal Court has made a declaration Netwealth contravened the Corporations Act in relation to the First Guardian Master Fund.

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Compliance, Investments, SMSF, Strategy

Govt announces new fund safeguards

The establishment of new SMSFs will require greater disclosure by trustees of their obligations, plans and advice fees.

The establishment of new SMSFs will require greater disclosure by trustees of their obligations, plans and advice fees.

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Compliance, Financial Advice, Financial Planning, Regulation, SMSF, Superannuation

Key consumer protection basics identified

The SMSF Association has called on the Minister for Financial Services Daniel Mulino to deal with certain specific consumer protection issues.

The SMSF Association has called on the Minister for Financial Services Daniel Mulino to deal with certain specific consumer protection issues.

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AML/CTF, Compliance, Financial Advice

Promote AML/CTF compliance as value add

The introduction of AML/CTF compliance requirements can be promoted as added protection for clients and a sign of professionalism.

The introduction of AML/CTF compliance requirements can be promoted as added protection for clients and a sign of professionalism.

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Compliance, Contributions

Concessional cap breach can be beneficial

Deliberately exceeding the concessional cap can be of benefit, allowing members to employ the most optimal contributions strategy available to them.

Deliberately exceeding the concessional cap can be of benefit, allowing members to employ the most optimal contributions strategy available to them.

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ASIC, Compliance, Financial Advice

Bans for two more former MWL advisers

Two more financial advisers who were authorised by MWL Financial Services have been banned for periods of three to five years.

Two more financial advisers who were authorised by MWL Financial Services have been banned for periods of three to five years.

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ATO, Compliance, Contributions, Tax

No need for zero deduction notification

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

SMSF members do not have to inform the ATO they are not making a deduction for a contribution even if an auditor requests such documentation.

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ASIC, ATO, Auditing, Compliance, Documentation

Client audit files require specificity

Auditors must structure their record-keeping to reflect specific files pertaining to particular clients in order to satisfy their professional obligations.

Auditors must structure their record-keeping to reflect specific files pertaining to particular clients in order to satisfy their professional obligations.

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