News : Compliance

Auditing, Compliance, Property

Rent a related-party lease failure flag

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

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ASIC, Compliance, financial advice, Superannuation

Two advisers banned over rollover advice

Two advisers, working for separate licensees, have received bans related to inappropriate advice to roll over into the First Guardian Master Fund.

Two advisers, working for separate licensees, have received bans related to inappropriate advice to roll over into the First Guardian Master Fund.

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ASIC, Compliance, financial advice, Financial Planning

ASIC bans ninth MWL adviser

ASIC has continued to impose sanctions on advisers associated with MWL Financial Services in regards to advice linked to the Shield Master Fund.

ASIC has continued to impose sanctions on advisers associated with MWL Financial Services in regards to advice linked to the Shield Master Fund.

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ATO, Compliance

No relief for prohibited loans

The ATO has no discretionary power to provide any compliance relief to SMSF trustees who have provided a prohibited loan.

The ATO has no discretionary power to provide any compliance relief to SMSF trustees who have provided a prohibited loan.

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ASIC, Compliance, Investments

Macquarie arm failed to monitor Shield

A subsidiary of Macquarie Group contravened the Corporations Act in failing to properly monitor the Shield Master Fund offered to investors.

A subsidiary of Macquarie Group contravened the Corporations Act in failing to properly monitor the Shield Master Fund offered to investors.

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Compliance, Property

Foreign property an in-house asset risk

The use of a SIS Regulation 13.22C trust to invest in a property located overseas could create an in-house asset issue for SMSF trustees.

The use of a SIS Regulation 13.22C trust to invest in a property located overseas could create an in-house asset issue for SMSF trustees.

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Compliance, Contributions

SMSFs increase Payday Super burden

SMSFs will require more vigilance from employers to ensure SG contributions are correctly received under Payday Super.

SMSFs will require more vigilance from employers to ensure SG contributions are correctly received under Payday Super.

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Compliance, LRBA

Rate hike prompts LRBA review call

The current economic environment that has led to one increase in official interest rates should prompt a reassessment of LRBA terms.

The current economic environment that has led to one increase in official interest rates should prompt a reassessment of LRBA terms.

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Compliance, Division 296, Legislation, Tax

Indexation limits Div 296 relevance

The indexation of the Division 296 tax has created a built-in limit to how relevant the impost will be in the next decade.

The indexation of the Division 296 tax has created a built-in limit to how relevant the impost will be in the next decade.

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Compliance, LRBA, Property

Bare trust simplest gearing structure

A bare trust is the simplest and most suitable method in which to hold an SMSF property acquired under an LRBA.

A bare trust is the simplest and most suitable method in which to hold an SMSF property acquired under an LRBA.

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