News : Compliance

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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ASIC, Compliance, financial advice

More details needed on levy spending

ASIC adviser levy FAAA Sarah Abood

ASIC should provide the advice sector with further information on how it spends more than $55 million each year on enforcement work, given the recent increase in the adviser levy.

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ASIC, Compliance

ASIC acts over super fee concerns

ASIC David Valvo

ASIC has frozen the assets and restricted the travel of a former adviser and comedian in regards to concerns over superannuation fees charged to clients.

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ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

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Compliance, SMSF, Trusts

Trust overpayment can be compliant

Unit trust distribution SMSF

Appropriate accounting treatment of an overpayment of a unit trust distribution to an SMSF can prevent the situation from being a compliance breach.

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