News : Compliance

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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ASIC, Compliance

ASIC targeting company compliance

SMSF corporate trustees compliance

Increased scrutiny is being applied to the compliance activities of SMSF corporate trustees by ASIC.

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ATO, Compliance

Trustees warned on excess NCC release

Excess non-concessional release

SMSF trustees have been advised that any excess non-concessional contributions must be released to the ATO and not fund members and not doing so is a compliance breach.

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ATO, Compliance

ATO gives trustees six months to comply

ATO SMSF rectification

SMSF trustees ordered by the ATO to rectify a contravention will have six months to do so before being hit with a significant administrative penalty.

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Compliance, financial advice

CSLR bills tabled in parliament

Compensation scheme last resort

The compensation scheme of last resort is closer to being established with the bills facilitating its existence tabled in parliament today.

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Compliance

Trustee disqualifications rise

disqualified trustees

The ATO has disqualified 130 SMSF trustees in the last quarter after disqualifying around twice that number in the previous quarter.

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Compliance

Penalty unit rise boosts corporate trustee case

penalty unit corporate trustee

The increases in penalty units during this year have strengthened the case for SMSFs to use a corporate trustee structure.

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