News : Compliance

Compliance hampers family trust property transfers

October 2, 2019

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

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.

read more

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.

read more

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.

read more

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.

read more

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.

read more

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.

read more

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.

read more

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.

read more

Compliance

Trustees must be aware of contributions status

September 2, 2019

Tharshini Ashokan

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.

read more