News : Compliance

No way out for late lodging SMSFs

October 8, 2019

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

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Compliance, Property

Compliance hampers family trust property transfers

October 2, 2019

Tharshini Ashokan

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.

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Compliance

Trustee confusion over downsizer age

September 25, 2019

Darin Tyson-Chan

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

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Compliance, Documentation

Documentation leading cause of compliance failure

September 24, 2019

Jason Spits

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

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Compliance

Market value substitution rules not a NALI pardon

September 19, 2019

Darin Tyson-Chan

A technical expert has warned the amendments to the non-arm’s-length income rules will still apply to an SMSF that has implemented the market value substitution measures as defined in the Income Tax Assessment Act 1997.

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Compliance

NCC cap triggers common error

September 18, 2019

Darin Tyson-Chan

An SMSF expert has identified a common misconception regarding the non-concessional contributions cap and its effect on the treatment of limit breaches.

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Compliance, Financial Planning

TBC creates puzzling advice issues

September 17, 2019

Darin Tyson-Chan

A chartered accounting firm partner has identified advice compliance complexity resulting from the transfer balance cap’s effect on the treatment of SMSF death benefits.

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Compliance, Investments

LEI deadline closes at end of the month

September 9, 2019

Jason Spits

A legal entity identifier will need to be obtained by SMSF trustees wanting to invest in offerings such as contracts for difference after 30 September this year.

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Compliance, Financial Planning

Pre-emptive advice solutions required

September 4, 2019

Darin Tyson-Chan

A chartered accounting firm partner has called for greater proactivity from the financial planning industry in addressing poor compliance practices.

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Compliance, Regulation

SMSF advice ranks highly in AFCA complaints

September 2, 2019

Darin Tyson-Chan

Complaints involving SMSF advice rank among the highest of the financial planning disputes the Australian Financial Complaints Authority has had to deal with, statistical data has shown.

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