News : Compliance

Compliance, Documentation, SMSF

Advice doesn’t negate strategy obligations

SIS Act SMSF Self-managed superannuation Investment strategy Mailene Wheeler Vincents

SMSF trustees receiving professional advice should be reminded action does not remove their obligation to create and execute an investment strategy for their fund.

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AAT, Compliance, Investments, SMSF

Strategy must match investment actions

SMSF Investment strategy SIS Act Merchant v Commissioner of Taxation [2024] Administrative Appeals Tribunal DBA Lawyers Shaun Backhaus

SMSF trustees cannot only articulate an investment strategy, but must give effect to it each year to be compliant with their obligations under superannuation law.

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Compliance, financial advice

SMSFA supports call to revise ASIC funding

SMSF Association Peter Burgess ASIC Financial adviser levy industry funding model Senate Economics References Committee

A Senate inquiry recommendation for the ASIC funding model to be less reliant on levies should be implemented to prevent advisers facing higher costs each year.

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ATO, Auditing, Compliance, SMSF

ATO auditor notices spark confusion

SMSF Self-managed superannuation SMSF auditors ATO Unchanged asset valuations

SMSF auditors are confused by the ATO’s compliance program targeting funds with unchanged asset valuations due to unclear guidance on which funds are at risk.

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Compliance, Pensions, SMSF, Superannuation

TRIS payment penalties severe

transition to retirement income stream TRIS pension standards minimum drawdown maximum drawdown exempt current pension income SMSF Professionals Day 2024

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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Compliance, Contributions, Tax

Contribution deduction can’t outweigh income

Contribution Deduction ATO Assessable income Non-concessional contribution

Trustees must ensure they have enough assessable income to offset a contribution deduction to avoid the risk of a compliance breach that will incur additional tax liabilities.

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ATO, Compliance, Investments, SMSF

Unchanged asset values on notice

SMSF annual return Asset values Auditors ATO Contravention reports

The ATO will be paying particular attention to SMSFs that continue to report unchanged asset values and will be focusing on annual returns to be lodged later this year.

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Administration, ATO, Compliance, Regulation, SMSF

Active member test hinges on contributions

Active member test Contribution SMSF Residency ATO PBR

An SMSF can still meet the active member test if a trustee leaves Australia for an extended period, but the fund’s complying status will depend on contributions made during that time.

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Compliance, Regulation, Retirement, Superannuation

Retirement work hours are strict

Definition of retirement Work SMSF Condition of release

The maximum number of hours associated with retirement status is a strict measure applied per week and not over a longer period of time.

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Compliance, Regulation, SMSF

Stamp duty waiver needs legal counsel

Stamp duty exemption concessiobn SMSF Property transfer Division 296 tax

SMSF practitioners could face potential legal action if they incorrectly advise clients on stamp duty exemptions when transferring assets from a fund.

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