News : Compliance

Compliance, Regulation

System fine without active member test

Active member test

The active member test for overseas SMSF trustees would become irrelevant if the current approach to rollovers and personal contributions was improved, an SMSF expert says.

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Compliance, Superannuation

TBC indexation determined in late January

Transfer balance cap indexation

Superannuants will know in late January whether indexation will be applied to the transfer balance cap from 1 July 2020.

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Administration, Compliance

Offshore control of SMSFs possible, but limited

SMSF overseas control

SMSF trustees can exercise control over their funds while overseas, but recent ATO rulings have emphasised the need for major decisions to take place in Australia.

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Administration, Compliance

Past offences a barrier to trustee role

SMSF trustee eligibility

Potential SMSF trustees should be encouraged to disclose any past dishonesty offences to avoid committing a further offence if they take on the role.

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ATO, Compliance

ATO penalties stifling trustees

ATO penalty scheme

The current ATO penalty scheme will push SMSF trustees towards non-compliance and may lead to some giving up on their funds altogether, an SMSF audit expert says.

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ASIC, Compliance

ASIC exposes fee disclosure issues

ASIC report financial advice

A new ASIC report has revealed consumers receiving financial advice could be in receipt of incomplete information about their fees and being charged fees even after the relevant arrangements have been cancelled.

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Compliance

How quickly do death benefits need to be paid?

SMSF death benefits

Prescribed time frames are often applied to situations regarding financial matters. Meg Heffron examines what the dictated timelines mean for SMSF death benefits.

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Compliance, FASEA

ASIC grants compliance scheme exemption

ASIC exemption compliance scheme

ASIC will not penalise advice licensees for failing to sign their representatives to a compliance scheme following the government’s decision to keep ethics enforcement inhouse.

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Accounting, Compliance

Accountants influence poor trustee compliance

Accountants SMSF trustees compliance

Accountants should not sympathise with the views of SMSF trustees who do not value good compliance, an SMSF lawyer says.

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Compliance, Financial Planning

Impact of code monitoring shift minor

code monitoring associations standards

Financial advice associations have brushed off suggestions a government run disciplinary body would reduce their role but questioned how the body will work.

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