News : Compliance

Auditing, Compliance

Don’t avoid review recommendation

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

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ATO, Compliance, SMSF, Tax

The focus on lifestyle assets

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

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ATO, Auditing, Compliance, Legislation, Regulation

Breach leniency contrasts audit focus

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

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Auditing, Compliance, Legislation, Regulation

All audit relationships need scrutiny

Auditors who engage with a non-financial services business and also audit the proprietor’s SMSF might breach auditor independence rules.

Auditors who engage with a non-financial services business and also audit the proprietor’s SMSF might breach auditor independence rules.

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Compliance, Documentation, Legislation, Regulation

Dentists receive super release guidance

The ADA has released new guidelines to remind dentists of their responsibilities if patients want to use super to pay for treatment.

The ADA has released new guidelines to remind dentists of their responsibilities if patients want to use super to pay for treatment.

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Compliance, Legislation, Regulation

Compassionate release warning issued

A joint warning from two industry regulators has been released to address the inappropriate early release of super benefits on compassionate grounds.

A joint warning from two industry regulators has been released to address the inappropriate early release of super benefits on compassionate grounds.

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Compliance, Division 296, Investments, Legislation, Tax

Revised tax may change asset choice

Changes to the Division 296 tax may make high-growth assets more attractive over income-producing investments for SMSF members.

Changes to the Division 296 tax may make high-growth assets more attractive over income-producing investments for SMSF members.

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Compliance, Documentation, Strategy

Key-person risk hinders wind-ups

Key-person risk on several fronts has been acknowledged as a critical factor hampering the process of winding up an SMSF.

Key-person risk on several fronts has been acknowledged as a critical factor hampering the process of winding up an SMSF.

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Accounting, Compliance, Documentation, financial advice

SMSF loan write-offs not simple

Specific recovery actions have to be taken to prove a private loan from an SMSF will not be paid back and should be written off.

Specific recovery actions have to be taken to prove a private loan from an SMSF will not be paid back and should be written off.

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Compliance, Pensions, Retirement

In-specie pensions not possible

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

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