News : Compliance

Disqualification declaration may be annual

March 7, 2022

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

February 21, 2022

Jason Spits

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

February 17, 2022

Tia Thomas

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

February 16, 2022

Jason Spits

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

Compliance, Regulation

Director ID penalties are severe

February 15, 2022

Darin Tyson-Chan

Directors of corporate SMSF trustees have been warned severe penalties can be issued for non-compliance with the new director ID regime.

read more

Compliance, Financial Planning

Compo scheme must include products to be fair

January 31, 2022

Jason Spits

The exclusion of product manufacturers from the compensation scheme of last resort will unfairly shift costs and blame to advisers.

read more

Compliance

TMD compliance burden surfaces

January 11, 2022

Darin Tyson-Chan

Advisers are already experiencing additional compliance obligations brought about by the target market determination requirement under the new DDO rules.

read more

Compliance

Paper deeds still most flexible

November 15, 2021

Jason Spits

Despite changes allowing the electronic execution and signing of SMSF deeds, paper copies are still the most flexible and applicable documents for trustees.

read more

Compliance, Documentation