News : Compliance

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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
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.

read more
ATO, Compliance

No way out for late lodging SMSFs

ATO SMSF late lodgement

The ATO-imposed change in the online status of SMSF following a late lodgement cannot be reversed, an SMSF service provider has claimed.

read more
Compliance, Property

Compliance hampers family trust property transfers

Family trust property transfer

Trustees need to be aware of all potential compliance hurdles when considering the acquisition of a property from a related family trust, a specialist law firm says.

read more
Compliance

Trustee confusion over downsizer age

Trustee confusion over downsizer age

An industry administrator and educator has revealed many SMSF trustees remain unclear about the age constraints contained in the superannuation downsizer contribution rules.

read more
Compliance, Documentation

Documentation leading cause of compliance failure

trustees documentation compliance

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.