News : Compliance

Trustee steps to shape penalties

October 19, 2020

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

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Compliance, Documentation

Asset values must still be reported

October 19, 2020

Jason Spits

SMSF trustees must continue to report asset values, but will not be penalised if unable to do so because of the COVID-19 pandemic.

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Compliance, Superannuation

Personal situation not a sole purpose bypass

September 28, 2020

Jason Spits

SMSF trustees moving lumpy assets into a fund are becoming too relaxed in overlooking the sole purpose test in favour of personal circumstances.

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ATO, Compliance

Voluntary disclosure best compliance action

July 21, 2020

Tharshini Ashokan

Trustees should reveal their compliance issues via the ATO’s voluntary disclosure program as soon as possible, the regulator says.

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Compliance

Compliance to assess incapacity

July 20, 2020

Darin Tyson-Chan

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees.

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Auditing, Compliance

Tax agent banned for SAN misuse

July 20, 2020

Tharshini Ashokan

A Queensland-based tax agent has been banned for four years following a Tax Practitioners Board investigation into SAN misuse.

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Compliance, Superannuation

TPB targets tax agents for SAN misuse

May 25, 2020

Tharshini Ashokan

The Tax Practitioners Board (TPB) is reviewing 74 registered tax practitioners believed to have provided false information to the ATO.

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Business News, Compliance

BT Panorama digital consent feature timely

April 23, 2020

Darin Tyson-Chan

The recent launch of BT Panorama’s digital advice consent tool has been described as timely by one of the organisation’s senior strategy executives.

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Compliance

Court reinforces trustee standards

April 22, 2020

Bryce Figot & Daniel Butler

The recent dismissal of an appeal brought by an SMSF trustee has highlighted the need for them to maintain high standards and act in good faith when executing their duties.

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Compliance, LRBA

LRBA compliance essential despite COVID-19

April 20, 2020

Tharshini Ashokan

Trustees forced to sell units in a trust subject to existing LRBAs should keep in mind the relevant compliance issues, regardless of the COVID-19 pandemic, a legal expert says.

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