News : Compliance

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.

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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.

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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.

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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.

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Compliance, Investments

Wholesale exemption may harm consumers

licensing exemptions foreign financial services providers wholesale investors

An exemption to allow foreign financial services providers to pitch products at wholesale investors should only apply once that group of people has been better defined.

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ATO, Compliance

Illegal access leading trustee failure

Illegal access ATO SMSF

The ATO has identified illegal access to superannuation as a key area where SMSF trustees are not meeting their obligations, noting it has led to an increase in disqualifications.

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Administration, Compliance, SMSF

Offshore member status needs consideration

SMSF residency rules

SMSFs with members living overseas should be reviewing their stake in the fund to ensure they are not breaching residency rules, which have not changed despite government announcements.

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Compliance, In-house assets, LRBA

Loan key to holding trust asset

LRBA gearing strategy

An LRBA of any magnitude should be used for compliance purposes if an associated holding trust has acquired the asset in question.

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Compliance, NALI/NALE, Property, SMSF

Commercial lease negates NALI

NALI

A rise in the market value of an SMSF property is unlikely to trigger the NALI rules if a commercial lease with the tenant exists.

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ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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