News : Compliance

Compliance

In-specie death benefits complex

in-specie death benefits

In-specie death benefit transfers are problematic, but a pragmatic approach to these transactions can provide a compliance solution.

read more
ATO, Compliance

Trustees urged to fix mistakes, seek help

SMSF contraventions

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.

read more
Compliance, Regulation

Director ID process user unfriendly

director identification elderly trustees

Anecdotal evidence has indicated the application process to obtain a director identification number is proving extremely hard for elderly trustees.

read more
ATO, Compliance

ATO adds 170 to disqualified trustee register

ATO disqualified trustee register

The ATO has updated and published its disqualified trustee register to include individuals disqualified before 31 March.

read more
Compliance, Regulation

Director ID must occur before appointment

director ID SMSF

Directors of a corporate SMSF must obtain their director identification number prior to being appointed, according to new rules introduced on Monday.

read more
Compliance, Regulation

Director ID request a one-off

director ID

An application for a director identification number will only be required once regardless of when it is used or activated.

read more
Compliance, Documentation

Disqualification declaration may be annual

smsf trustees disqualified

A number of corporate SMSF trustees will have to declare each year they are still able to run their fund after insolvency law changes late last year.

read more
Compliance, Regulation

Director ID process still confusing many

director ID process

The specific process to apply for a director ID number remains confusing for SMSF trustees who are seeking help from service providers.

read more
ATO, Compliance

Grant discretion for early-release rectification

early release discretion

SMSFs should be given discretion by the ATO in the case of accidental early release if that mistake has been rectified immediately.

read more
Compliance, Superannuation

Returning trustees can fail control test

SMSF control test

An SMSF will fail the central management and control test even if trustees who left for an indefinite period return within two years.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.