News : Compliance

Terms of engagement need review

June 3, 2021

An amendment made last year to APES 305 will require accountants servicing SMSF clients to review their terms-of-engagement documents before the end of the 2021 financial year.

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Compliance, Regulation

SMSFA backs new disciplinary body

June 1, 2021

Darin Tyson-Chan

The government’s plans to form a single disciplinary body for financial advisers as an initiative to help streamline the advice sector has been welcomed by the SMSF Association.

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Compliance, Contributions

Reserving strategy riskier for NCCs

May 18, 2021

Darin Tyson-Chan

Non-concessional contributions carry more compliance risk when used as part of a contribution reserving strategy due to their unconventional nature.

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ATO, Compliance

ATO compliance grace period will end

April 19, 2021

Jason Spits

Trustees should not rely on the ATO’s no-action position to avoid dealing with compliance issues within their fund.

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Compliance

Poor trustee history can close funds

April 1, 2021

Jason Spits

The inclusion of a trustee with a poor compliance history can create future problems for an SMSF and lead to the ATO making the fund non-compliant.

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ASIC, Compliance

SMSF accountant ordered to comply with EU

March 15, 2021

Jason Spits

A Queensland accountant has been ordered by the Federal Court to comply with an ASIC enforceable undertaking and tell clients she is unable to provide SMSF advice.

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AFCA, Compliance

COVID impact seen in complaint figures

March 11, 2021

Jason Spits

The sudden impact of COVID-19 in early 2020 has been reflected in complaints figures released by AFCA.

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Compliance

Non action can create sole purpose breach

March 2, 2021

Jason Spits

An SMSF trustee who intentionally took no action to gain a non-retirement benefit will still be viewed as breaching the sole purpose test.

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ATO, Compliance

Missing details most common SAR error

February 24, 2021

Jason Spits

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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Compliance, Regulation

AFCA review boundaries defined

February 22, 2021

Darin Tyson-Chan

The terms of reference for the review of the Australian Financial Complaints Authority have been defined with a focus on the effectiveness of the dispute resolution body.

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