News : Compliance

ASIC, Auditing, Compliance

ASIC sanctions 13 SMSF auditors

ASIC ATO SMSF Auditors Self-managed superannuation

ASIC has removed nine SMSF auditors from practice and imposed conditions on four more practitioners after referrals from the ATO.

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Compliance, Contributions

Strategic classification can null NCC issues

SMSF Self-managed superannuation Heffron Lyn Formica non-concessional contributions personal super contribution bring forward period

An accidentally triggered non-concessional contribution bring forward provision may be reversed by following a particular course of action.

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Auditing, Compliance, SMSF

SIS Reg 13.14 approach changed

Charge over assets Trustee representation letter SIS regulation 13.14 SMSF auditors DBA Lawyers Bryce Figot

The ATO has significantly adjusted its attitude toward the evidence auditors should obtain in determining whether a charge is held over an SMSF asset.

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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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