News : Compliance

ATO, Compliance, SMSF

Sole purpose test misinterpreted

ATO SMSF Sole purpose test Property development

The application of the sole purpose test is often misunderstood when SMSFs become involved in a property development arrangement.

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ASIC, Compliance, ESG, Investments

Vanguard to pay $12.9m greenwashing penalty

Greenwashing ESG Vanguard Mercer ASIC Federal court

Vanguard Investments Australia has been ordered to pay a multi-million-dollar penalty for false statements regarding the application of ESG screens to a bond index fund.

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Auditing, Compliance

ASIC auditor referrals remain steady

SMSF auditors ATO ASIC Referrals independence standards APES 110 Code of Ethics for Professional Accountants

The ATO has continued to refer auditors to ASIC at a steady pace, with key reasons in the last year related to breaches of independence obligations.

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Compliance, TPB

Tax agent code needs more attention

Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones Treasury Amendments Joint bodies IFPA SMSF Association CA ANZ CPA Australia FAAA

More work is needed before the final version of the Tax Agent Services (Code of Professional Conduct) Determination 2024 can be seen as satisfactory.

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Compliance, Tax, TPB

Jones plans tax agent code meeting

Code of Professional Conduct Tax Practitioners Board TPB Stephen Jones IFPA Institute of Financial Professionals Australia Tax Agent Services (Code of Professional Conduct) Determination

The government has invited a group of industry bodies to air their concerns over changes to the tax agent code of conduct, with mandatory reporting being a key issue of concern.

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ATO, Compliance

Penalty regime for promoters updated

ATO Promoter penalty regime PSLA 2021/1 Illegal early access superannuation

The ATO will have more time and a wider brief to target those who promote schemes to gain illegal early access to superannuation.

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Compliance, Retirement, SMSF

Query reasons for trustee transactions

SMSF Self-managed superannuation Tim Miller SuperGuardian Smarter SMSF sole purpose test related party transaction

Questioning the motives of trustees will often reveal why they are undertaking a transaction and if it will pass the sole purpose test.

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Compliance, Superannuation

Incapacity definition has dual purpose

Incapacity Superannuation Industry Supervision Act Condition of release

SMSFs can use a single definition of permanent incapacity to meet a condition of release and gain a tax concession, but should document and retain that definition to avoid breaching super and tax laws.

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Compliance, NALI/NALE, Trusts

Trust services could bring NALI scrutiny

Unit trusts NALI Non-arm's length income Related party

Contracting a related party to perform services on a unit trust with SMSF investors may expose the trustees to significant NALI risks.

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Compliance, financial advice, Tax

Tax agent code consultation non-existent

Joint Bodies Tax Agent Services (Code of Professional Conduct) Determination Tax Practitioners Board Stephen Jones Matthew Addison SMSF Association

A group of 10 industry bodies has rejected claims by the government that it consulted with the sector over changes to the tax agent code of conduct.

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