News : Compliance

ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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Administration, Commercial Property, Compliance, In-house assets, LRBA, Property, SMSF

Dual-use properties a compliance risk

SMSF business real property in-house asset

SMSF trustees must use acquired business real property solely for the purposes of operating a business to avoid triggering in-house asset rules.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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Compliance, Investments, Regulation

Acquisition error not reversible

SMSF related party acquisition breach

SMSF trustees who purchased an asset from a related party in error cannot reverse the breach but only manage the problem with the ATO.

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Compliance, Investments

Wholesale thresholds need fixing

wholesale investors SMSF assets test income

The definition of a wholesale investor in an SMSF context must be redefined with regard to the thresholds applied to the asset and income tests.

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Auditing, Compliance, Platforms, SMSFA

Data vigilance crucial for auditors

Auditing platforms SMSF audits ASF Shelley Banton

SMSF auditors must exercise due diligence in evaluating both the software and data stored within automated auditing platforms to ensure compliance with their professional obligations.

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ATO, Auditing, Compliance

No SAN mail-out as behaviour shifts

SMSF SAN misuse mailout ATO

A decrease in intentional misuse of SMSF auditor numbers has prompted the ATO to park its annual mail-out in favour of targeted compliance action with tax agents.

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Auditing, Compliance, SMSF

Auditor independence issues persist

Auditor independence

The ATO is continuing to identify cases where auditors are breaching the independence standards outlined in APES 110 and failing to meet their regulatory obligations.

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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.

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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.

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