News : Compliance

Compliance, Regulation, Tax

ASA backs franking credits clarification

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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ASIC, Compliance, financial advice

Adviser registration date pushed back again

Adviser registration date

ASIC has extended the date by which financial advisers must be registered with the regulator by a further three months, with the new date set for October.

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Compliance

Asset compliance needs recognition

SMSF compliance asset

Ongoing SMSF compliance responsibilities must to be understood by trustees before any type of asset is purchased for a fund.

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ATO, Auditing, Compliance, Superannuation

Accurate notices of intent vital

Notices of intent

Notices of intent in relation to personal contributions will not be covered by the audit process this year putting greater onus on SMSF members to ensure they are accurate.

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ATO, Compliance

Private tax ruling guidance released

ATO private ruling

The ATO has outlined the steps needed to apply for a private ruling but emphasised accurate and complete data was critical for it to properly assess any ruling request.

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ATO, Compliance, SMSF

Loss no reason to ignore compliance order

financial loss ATO order

Financial loss will not be considered a key reason for an SMSF to avoid following a contravention rectification order issued by the ATO.

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Administration, Compliance, SMSF

Written orders key for wind-ups

SMSF wind-up instructions

Written fund member instructions regarding the treatment of assets in the event of an SMSF wind-up are imperative for advisers to mitigate their risk.

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ATO, Compliance, Education

ATO revamps compliance guidance

New compliance guidance materials are being formulated by the ATO, one of which marks a change in approach with education directions.

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ATO, Compliance, SMSF

Regulator reminds trustees of release process

ATO release reminder

The ATO has reminded trustees they are required to respond to requests from members to release funds and has detailed the processes it expects will be used.

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ATO, Compliance

Push for undertaking instead of rectification

SMSFs undertaking rectification

SMSFs facing contravention issues with the ATO should consider a proactive enforceable undertaking rather than waiting for a regulator-issued rectification.

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