News : Compliance

Advisers have best financial interest duty role

July 28, 2021

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

July 13, 2021

Darin Tyson-Chan

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

July 8, 2021

Jason Spits

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

June 29, 2021

Jason Spits

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

June 16, 2021

Darin Tyson-Chan

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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