News : Compliance

ATO, Compliance

Penalty regime for promoters updated

ATO Promoter penalty regime PSLA 2021/1 Illegal early access superannuation

The ATO will have more time and a wider brief to target those who promote schemes to gain illegal early access to superannuation.

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Compliance, Retirement, SMSF

Query reasons for trustee transactions

SMSF Self-managed superannuation Tim Miller SuperGuardian Smarter SMSF sole purpose test related party transaction

Questioning the motives of trustees will often reveal why they are undertaking a transaction and if it will pass the sole purpose test.

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Compliance, Superannuation

Incapacity definition has dual purpose

Incapacity Superannuation Industry Supervision Act Condition of release

SMSFs can use a single definition of permanent incapacity to meet a condition of release and gain a tax concession, but should document and retain that definition to avoid breaching super and tax laws.

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Compliance, NALI/NALE, Trusts

Trust services could bring NALI scrutiny

Unit trusts NALI Non-arm's length income Related party

Contracting a related party to perform services on a unit trust with SMSF investors may expose the trustees to significant NALI risks.

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Compliance, financial advice, Tax

Tax agent code consultation non-existent

Joint Bodies Tax Agent Services (Code of Professional Conduct) Determination Tax Practitioners Board Stephen Jones Matthew Addison SMSF Association

A group of 10 industry bodies has rejected claims by the government that it consulted with the sector over changes to the tax agent code of conduct.

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Auditing, Compliance, SMSF

Routine work an audit independence risk

Auditor independence standards In-house audit APES 110 SMSF auditors

It remains highly unlikely in-house SMSF audits conducted by a firm that also provides routine non-audit services will not be a breach of auditor independence standards.

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Compliance, NALI/NALE

NALI breaches remain unfixable

SMSF Self-managed superannuation NALI Non-arm's length income ATO

The ATO’s strict stance on NALI breaches leaves SMSF trustees with no way to rectify or fix honest mistakes without facing penalties.

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Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Administration, Compliance, Contributions, Superannuation

Terminal illness rollover timing key

Rollover Terminal illness Condition of release ATO Contribution SMSF Self-managed superannuation

SMSF trustees diagnosed with a terminal illness can roll over their retirement savings to another fund, but a specific process must be followed to avoid adverse consequences.

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