News : Compliance

Compliance

Trustees must be aware of contributions status

trustees SMSF contributions

Trustees must understand which contributions can be accepted by their fund and which cannot be permitted to ensure they are not in breach of super regulations, an SMSF expert says.

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ATO, Compliance

Early advice lowers ATO penalty risk

SMSF trustees ATO penalties

Trustees who seek professional advice when considering uncommon SMSF transactions are more likely to avoid costly ATO penalties, an SMSF expert says.

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Compliance, Regulation

AFCA given power to name dispute firms

AFCA name and shame

The industry-wide dispute resolution body will be able to ‘name and shame’ financial services firms under new powers granted to it by ASIC.

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ATO, Compliance

NALI personal capacity directive to come

NALI personal capacity

The treatment of services provided in a personal capacity to an SMSF in relation to the NALI rules require more clarity, according to a senior technical services executive.

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Compliance, Superannuation

Trustees reminded to self-report SMSF breaches

SMSF trustees contraventions ATO

The ATO has given SMSF trustees a reminder to self-report any contraventions, but also to be prepared to come with solutions when seeking its help.

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Compliance, Investments

Investment strategies doing bare minimum for SMSFs

SMSF investment strategies compliance

Investment strategies are being used to meet compliance hurdles and not fund member outcomes, despite clear guidance being provided on their use.

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Compliance, FASEA

Govt progresses new adviser disciplinary body

new adviser disciplinary body

Advisers will fall under a new single body tasked with their registration and discipline as the government pushes further ahead with its responses to last year’s royal commission.

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Compliance

Excess concessional contributions and the TSB limit

contributions total super balance

An SMSF can still receive excess concessional contributions even if the member in question has reached their $1.6 million total super balance threshold, but it is important to know what to do in these situations.

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ATO, Compliance, Pensions

ATO concessions critical to avoid pension penalties

ATO concessions death benefit

Trustees of funds that have underpaid their death benefit income streams must first determine whether the ATO’s administrative concession applies to their situation, an SMSF online service provider says.

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ATO, Compliance

ATO urges caution on death benefit income streams

Death benefit income streams

SMSF death benefit income streams must satisfy minimum pension requirements in order to meet compulsory cashing requirements and remain compliant, the ATO has warned.

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