News : Compliance

Auditing, Compliance, Crypto Assets, Cryptocurrency, Digital assets, Legislation, Regulation

Crypto valuations rigorous for auditors

The procedures the ATO has stipulated auditors must follow with regard to the valuation of SMSF cryptocurrency assets are quite arduous.

The procedures the ATO has stipulated auditors must follow with regard to the valuation of SMSF cryptocurrency assets are quite arduous.

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ATO, Auditing, Compliance

ATO specifies ACR lodgement timing

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

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ATO, Compliance, Regulation, SMSF

ATO issues education direction guidance

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

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ATO, Compliance, Regulation, Tax

A significant compliance overhaul

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

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Compliance, Division 296, Legislation, Regulation, Tax

System neutrality needed for Div 296

System neutrality is the one element the SMSF Association would like to see with regard to the implementation of the proposed Division 296 tax.

System neutrality is the one element the SMSF Association would like to see with regard to the implementation of the proposed Division 296 tax.

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Compliance, Contributions, Legislation, Strategy, Tax

Recontributions should not be excessive

Using a recontribution strategy to wipe large tax components from superannuation savings is likely to be considered tax avoidance.

Using a recontribution strategy to wipe large tax components from superannuation savings is likely to be considered tax avoidance.

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ASIC, Compliance, financial advice, Financial Planning

UGC, Shield-linked adviser banned

ASIC has banned a Melbourne-based adviser for his role in promoting investments deemed not to serve the best interests of his clients.

ASIC has banned a Melbourne-based adviser for his role in promoting investments deemed not to serve the best interests of his clients.

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ATO, Auditing, Compliance

ATO will target worst audit files

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

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ASIC, Compliance, financial advice, SMSF

Conflicted SMSF advice draws penalties

A licensee and authorised representative have been handed fines of more than $900,000 for SMSF advice based off conflicted remuneration.

A licensee and authorised representative have been handed fines of more than $900,000 for SMSF advice based off conflicted remuneration.

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Compliance, Legislation, Pensions, Regulation

Care needed with ceased legacy pensions

Commuted legacy pensions may still be assessed for age pension purposes and Centrelink has deployed staff to unpack how this may work.

Commuted legacy pensions may still be assessed for age pension purposes and Centrelink has deployed staff to unpack how this may work.

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