News : Compliance

Compliance

TMD compliance burden surfaces

compliance TMD

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

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Compliance

Paper deeds still most flexible

SMSF paper deeds

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

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Compliance, Documentation

Director ID number applications open

SMSF trustee DIN

Registered directors of a corporate SMSF trustee can now apply for a director identification number, but time restrictions apply.

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ATO, Compliance

Reported contraventions on the rise

ATO auditor contravention

Compliance breaches reported to the ATO via auditor contravention reports rose significantly over the 2021 financial year.

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ATO, Compliance

Trustees can prevent dishonesty disqualification

SMSF trustees disqualification

SMSF trustees facing disqualification for dishonest conduct may be able to avoid that fate, but need to move quickly to prevent it taking place.

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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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