News : Compliance

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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Compliance, Superannuation

Personal situation not a sole purpose bypass

sole purpose test

SMSF trustees moving lumpy assets into a fund are becoming too relaxed in overlooking the sole purpose test in favour of personal circumstances.

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ATO, Compliance

Voluntary disclosure best compliance action

voluntary disclosure trustees

Trustees should reveal their compliance issues via the ATO’s voluntary disclosure program as soon as possible, the regulator says.

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Compliance

Compliance to assess incapacity

ATO trustees incapacity

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees.

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Auditing, Compliance

Tax agent banned for SAN misuse

tax agent banned SAN misuse

A Queensland-based tax agent has been banned for four years following a Tax Practitioners Board investigation into SAN misuse.

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Compliance, Superannuation

TPB targets tax agents for SAN misuse

TPB SAN misuse

The Tax Practitioners Board (TPB) is reviewing 74 registered tax practitioners believed to have provided false information to the ATO.

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Business News, Compliance

BT Panorama digital consent feature timely

BT digital consent

The recent launch of BT Panorama’s digital advice consent tool has been described as timely by one of the organisation’s senior strategy executives.

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