News : Compliance

ATO penalties stifling trustees

December 10, 2019

The current ATO penalty scheme will push SMSF trustees towards non-compliance and may lead to some giving up on their funds altogether, an SMSF audit expert says.

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ASIC, Compliance

ASIC exposes fee disclosure issues

November 28, 2019

Tharshini Ashokan

A new ASIC report has revealed consumers receiving financial advice could be in receipt of incomplete information about their fees and being charged fees even after the relevant arrangements have been cancelled.

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Compliance

How quickly do death benefits need to be paid?

November 21, 2019

Meg Heffron

Prescribed time frames are often applied to situations regarding financial matters. Meg Heffron examines what the dictated timelines mean for SMSF death benefits.

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Compliance, FASEA

ASIC grants compliance scheme exemption

November 14, 2019

Jason Spits

ASIC will not penalise advice licensees for failing to sign their representatives to a compliance scheme following the government’s decision to keep ethics enforcement inhouse.

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Accounting, Compliance

Accountants influence poor trustee compliance

November 13, 2019

Jason Spits

Accountants should not sympathise with the views of SMSF trustees who do not value good compliance, an SMSF lawyer says.

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Compliance, Financial Planning

Impact of code monitoring shift minor

October 16, 2019

Jason Spits

Financial advice associations have brushed off suggestions a government run disciplinary body would reduce their role but questioned how the body will work.

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ATO, Compliance

No way out for late lodging SMSFs

October 8, 2019

Tharshini Ashokan

The ATO-imposed change in the online status of SMSF following a late lodgement cannot be reversed, an SMSF service provider has claimed.

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Compliance, Property

Compliance hampers family trust property transfers

October 2, 2019

Tharshini Ashokan

Trustees need to be aware of all potential compliance hurdles when considering the acquisition of a property from a related family trust, a specialist law firm says.

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Compliance

Trustee confusion over downsizer age

September 25, 2019

Darin Tyson-Chan

An industry administrator and educator has revealed many SMSF trustees remain unclear about the age constraints contained in the superannuation downsizer contribution rules.

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Compliance, Documentation

Documentation leading cause of compliance failure

September 24, 2019

Jason Spits

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

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