News : Compliance

Director ID presents an SMSF challenge

June 16, 2021

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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Compliance, Superannuation

New trustee duty muddies compliance

June 9, 2021

Darin Tyson-Chan

The trustees duty amendment to the Your Future, Your Super will make SMSF compliance more difficult with investments in certain conventional asset classes.

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Compliance, Documentation

Trust deeds are extension of the law

June 8, 2021

Darin Tyson-Chan

The SMSF trust deed must be seen by trustees and their advisers as an extension of superannuation law and adhered to at all times.

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Compliance, Tax

COVID deception results in maximum ban

June 7, 2021

Darin Tyson-Chan

A tax agent has been deregistered from the Tax Practitioners Board and been given the maximum ban for multiple breaches of the Code of Professional Conduct.

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Compliance, Superannuation

Terms of engagement need review

June 3, 2021

Darin Tyson-Chan

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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