News : Compliance

Compliance, Technology

From MFA to the sock drawer: SMSF security

SMSFs must employ professional security protocols to protect their assets in the wake of an increased number of cyberattacks.

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Compliance, Technology

Attacked funds had protection in place

Mary Delahunty, ASFA, Australian Securities and Investment Commission, ASIC, Association of Superannuation Funds of Australia, Financial Crime Protection Initiative, FCPI,

ASFA has reassured superannuants protections were in place to deal with cyberattacks on their funds and it will take further action to strengthen those measures against future threats.

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AAT, Compliance

Disqualifications not absolute

A recent AAT decision has shown a trustee disqualification can be challenged successfully if the right set of circumstances can be established.

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Compliance, SMSF, Trusts

Multi-fund trustees are dangerous

SMSF corporate trustee, compliance failures, Heffron, Sean Johnston, multiple funds, SIS Act, sole purpose trustee, Annie Dawson, ATO

While SMSF trustees have been warned not to use any company structure for a corporate trustee, that caution also should extend to how many funds are covered by a single trustee vehicle.

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ATO, Compliance, Regulation

Disqualification a family SMSF issue

Individuals should consider the implications a serious compliance breach will have before including family members as SMSF trustees.

Individuals should consider the implications a serious compliance breach will have before including family members as SMSF trustees.

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AFCA, Compliance

AFCA states SMSFs are not a problem

AFCA, CSLR, Australian Financial Complaints Authority, Compensation Scheme of Last Resort, CSLR, Business As Usual, BAU,

AFCA has admitted advice involving the use of SMSFs and not the funds themselves is triggering a large number of complaints it is receiving.

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AFCA, Compliance, SMSF

Wholesale investor test clarified

Wholesale investor, Australian Financial Complaints Authority, AFCA, Patrick Hartney, Shail Singh, Australian Securities and Investment Commission’s, ASIC,

AFCA has provided some context as to how ASIC’s enforcement approach to the wholesale investor rules will apply to individuals in practical terms.

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Compliance, financial advice, SMSF

Unlawful acts an industry-wide issue

Instances of illegal acts involving SMSFs must be treated as issues for the financial services industry as a whole to address and not sector-specific problems.

Instances of illegal acts involving SMSFs must be treated as issues for the financial services industry as a whole to address and not sector-specific problems.

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Compliance, Legislation

Financial assistance can be indirect

SIS Act, SMSF, financial assistance, superannuation Superannuation Industry (Supervision) (SIS) Act, compliance, SMSF trustees, section 65, family trusts, unit trusts, Cooper Grace Ward, Scott Hay-Bartlem, SMSF Association National Conference 2025, Administrative Appeals Tribunal, Merchant v Commissioner of Taxation

The legal provisions in the SIS Act preventing an SMSF from providing financial assistance to any parties are very broad in their application.

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ATO, Compliance

ATO correspondence often ignored

The regulator has noticed a disturbing trend whereby SMSF trustees are ignoring critical pieces of correspondence relating to compliance breaches.

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