News : Compliance

Compliance

Penalty units slated for two increases in 2023

penalty units

The planned increase in penalty units in the budget is to offset bad debts and will be one of two increases planned for next year.

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Compliance, Superannuation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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Compliance, Documentation

Govt launches director ID campaign

director ID campaign

The government will run an awareness campaign to ensure company directors have applied for a director ID number before the end of next month.

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Auditing, Compliance, Tax

Tax agents terminated for false SMSF audits

tax agents smsf audits

The Tax Practitioners Board has terminated the registration of two tax agents for dishonest conduct in regard to the veracity of SMSF audits.

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Compliance, Documentation, Regulation

More timely SMSF data likely

SMSF data

SMSF data reporting will need to be more timely and accurate to enable governments to make better superannuation policy in the future.

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Compliance

Court may allow bankrupts to be trustees

bankrupt SMSF trustees

SMSF trustees that have become bankrupt may be able to remain as trustees, but will require a spotless record to do so.

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ATO, Compliance

ATO disqualifies 250 trustees in past year

ATO disqualified trustees

More than 160 SMSF trustees were disqualified in the second half of the last financial year, with more than 250 disqualified across the whole year.

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Compliance, Documentation

Related-party purchases misread

related party in-house asset

Many SMSF trustees may be exposing their fund to compliance issues through misunderstanding the related-party acquisition rules.

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ATO, Compliance

Check breach occurred before self-reporting

breach reporting

SMSF trustees should be certain a breach, and not a disagreement between members, has occurred before any voluntary disclosure to the ATO.

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Compliance, Documentation

Statement of intent can cause issues

SMSF statement of intent

Advisers should be wary that simple SMSF asset purchases can lead to compliance breaches if clients communicate their motivation for the transaction.

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