News : Compliance

Compliance

SPT breaches often linked to other failures

Sole purpose breaches

SMSF trustees need to be alert to the need to comply with the sole purpose test, with many contraventions often tied back to a failure to meet the test.

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Compliance, Regulation

Financial interest duty not penalty free

SMSF best financial interest duty

Trustees looking at not acting in the best financial interest of members may still be hit despite proposed duty changes carrying no penalty.

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Compliance, Financial Planning

AFCA rules amended after court ruling

AFCA rules amended

The rules under which the Australian Financial Complaints Authority have been changed following a new legislative instrument issued by the Australian Securities and Investments Commission.

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Compliance

Financial misconduct key disqualifying factor

Evidence of dishonest conduct will not automatically disqualify an individual from being an SMSF trustee unless it is of a financial nature.

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ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

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Compliance, FASEA

Conflicts standard needs further work

conflicts of interest FASEA

The AFA has called for further work to be done to clarify the impact of conflict of interest provisions in the FASEA code of ethics.

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ATO, Compliance

ATO penalties must be defensible and just

ATO penalties SMSF

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

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Compliance, Regulation

AFCA ends dispute time-frame extension

AFCA extension

A COVID-19-driven extension to deal with complaints will soon come to an end, giving advice practitioners 21 days to respond to issues raised by clients.

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ATO, Compliance

Trustee steps to shape penalties

SMSF trustee ATO penalties

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

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Compliance, Documentation

Asset values must still be reported

SMSF asset values report

SMSF trustees must continue to report asset values, but will not be penalised if unable to do so because of the COVID-19 pandemic.

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