News : Compliance

Compliance, NALI/NALE, SMSF

NALI based on actions, not parties

NALI actions parties

The nature of the dealings and not the relationship between parties is the key focus of the NALI provisions and is confusing some practitioners.

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Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

Superannuation earnings tax

SMSFs will remain an attractive superannuation vehicle despite the impacts of the $3 million super earnings tax.

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ATO, Compliance, SMSF, Tax

Tax agent banning decision upheld

Tax practitioners board ban

The AAT has upheld the Tax Practitioners Board’s decision to terminate the tax agent registration of a Victorian tax agent as a result of deliberate misleading conduct.

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Compliance, financial advice, Regulation

Ethical advice goes beyond compliance

SMSF advice ethics

When providing advice to SMSF clients, advisers should consider external factors as adhering to the Corporations Act may not guarantee ethical conduct.

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Compliance, Pensions, SMSF

Minimums key for multiple pensions

Minimum pension payments

Withdrawing more than the minimum amount from one pension will not fulfil the minimum payment requirement for another pension.

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ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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ASIC, Compliance, financial advice

RG 175 knowledge a compliance must

RG 175

Financial advisers need to have a working knowledge of Regulatory Guide 175 to ensure their compliance procedures are sound.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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Compliance, SMSF

Small hint given on residency rules

SMSF residency rules

The SMSF sector has been given an indication on the status of the changes to the superannuation residency rules via recent ATO action.

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Auditing, Compliance

Director IDs will be compliance issue

Director ID SMSF

SMSF corporate trustees must ensure they have fulfilled their obligation to obtain a director identification number as the ATO is looking into this area.

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