News : Compliance

Compliance

Trustees lagging on new duty

trustees financial interest duty

Trustees seem to have been slow in adopting measures to document how they are considering complying with the best financial interest duty.

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Auditing, Compliance

ASQC 1 manual has crucial independence role

ASQC 1 manual compliance

Making sure a particular manual is in place will enhance the documented proof auditors are complying with the amended independence standards.

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Compliance

Good general compliance should satisfy best financial interest duty

compliance best financial interest duty

The documentation of sound compliance practices could be all SMSF trustees need in order to prove they have adhered to their best financial interest duty.

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Compliance, Financial Planning

Industry united against compensation scheme

CSLR financial advice

A compensation scheme of last resort (CSLR) will result in a less affordable advice industry, according to a raft of industry associations that stand opposed to the government’s draft model.

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Compliance, Documentation

Lodgement dates can shift reporting time frame

tax lodgement dates SMSF

The tax lodgement dates for unlisted shares or units in a private unit trust can throw out the reporting dates for an SMSF if left unchecked.

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Compliance, Regulation

Advisers have best financial interest duty role

SMSF best financial interest

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Compliance, Strategy

Regular reporting not only about compliance

SMSF reporting compliance

Regular SMSF reporting should be acknowledged for the strategic benefits it brings and not be regarded as just a compliance requirement.

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Compliance, FASEA

Standard 3 changes unlikely until 2022

FASEA Standard 3

Changes to Standard 3 of the FASEA Code of Ethics are unlikely to occur this year while adviser exams are still being conducted and the authority’s functions are shifting to government.

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Compliance, Regulation

Best financial interests duty not a chore

SMSF best financial interests

SMSF trustees should have no difficulty complying with the incoming best financial interests duty as it coincides with their interests as beneficiaries.

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Compliance, Documentation

Director ID presents an SMSF challenge

SMSF director identification

Directors of SMSF corporate trustees may find difficulties in the application procedure for the director identification number they will need to hold.

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