News : Compliance

Compliance, Legislation, Regulation, Superannuation

Super objective scope unclear

Superannuation objective

Draft legislation to enshrine the objective of superannuation into law does not include any guidance as to whether auxiliary measures would need to align with it.

read more
Compliance, Legislation, Regulation, SMSF, SMSFA

SMSFA calls for residency reform completion

SMSF residency rules

The SMSF Association has urged the government to fulfil its promise to complete reforms to the SMSF residency rules first put forward by its predecessors two years ago.

read more
Administration, Compliance, SMSF, Technology

Tech risk management mandated

SMSF auditors accountants technology risk management

Both auditors and accountants must comply with their statutory obligations with regard to their use of IT and their data protection mechanisms.

read more
Compliance, Documentation, NALI/NALE, Property

Evidence key to navigating NALI

SMSF property development NALI documents

SMSF auditors and their clients must furnish essential documents to demonstrate compliance with non-arm’s-length income and expenditure rules in property development projects.

read more
ATO, Auditing, Compliance, SMSF

Clean audit file key in case of review

SMSF auditors audit file ATO review

In anticipation of a potential ATO review, SMSF auditors have been advised to maintain essential documents and ensure their audit files are free from irrelevant information.

read more
ATO, Compliance, Contributions, Strategy

Excess NCC release authority is default action

excess non-concessional contribution release authority

No formal declaration to adhere with an ATO release authority relating to a breach of the non-concessional contributions cap is required.

read more
ASIC, Compliance, SMSF

Guidance change lifts anti-SMSF roadblock

A change to ASIC guidance regarding minimum balances for new SMSFs has removed a roadblock in the mind of advisers, who are only now returning to SMSF advice.

read more
Compliance, Regulation, SMSFA

SMSF residency rules neglected

SMSF residency rules

The government has missed an opportunity to clarify future changes to SMSF residency rules as part of a current consultation process.

read more
Compliance, Contributions, Strategy, Superannuation

Excess contribution refund needs approval

Excess concessional contributions refund

SMSF trustees who exceed their concessional contribution cap limit should wait for the ATO to issue a release authority before seeking a release of the excess funds.

read more
ASIC, Compliance, Education

Pass rate climbs as candidates settle

ASIC adviser exam

The percentage of advisers passing the most recent ASIC exam has increased compared to recent sittings as the number of advisers taking the exam settles to a new lower figure.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.