News : Compliance

Compliance, Financial Planning

TBC creates puzzling advice issues

Transfer balance cap death benefits

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.

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Compliance, Investments

LEI deadline closes at end of the month

LEI SMSF trustees

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.

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Compliance, Financial Planning

Pre-emptive advice solutions required

Financial planning advice compliance

A chartered accounting firm partner has called for greater proactivity from the financial planning industry in addressing poor compliance practices.

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Compliance, Regulation

SMSF advice ranks highly in AFCA complaints

SMSF advice AFCA complaints

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.

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Compliance

Trustees must be aware of contributions status

trustees SMSF contributions

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.

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ATO, Compliance

Early advice lowers ATO penalty risk

SMSF trustees ATO penalties

Trustees who seek professional advice when considering uncommon SMSF transactions are more likely to avoid costly ATO penalties, an SMSF expert says.

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Compliance, Regulation

AFCA given power to name dispute firms

AFCA name and shame

The industry-wide dispute resolution body will be able to ‘name and shame’ financial services firms under new powers granted to it by ASIC.

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ATO, Compliance

NALI personal capacity directive to come

NALI personal capacity

The treatment of services provided in a personal capacity to an SMSF in relation to the NALI rules require more clarity, according to a senior technical services executive.

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Compliance, Superannuation

Trustees reminded to self-report SMSF breaches

SMSF trustees contraventions ATO

The ATO has given SMSF trustees a reminder to self-report any contraventions, but also to be prepared to come with solutions when seeking its help.

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Compliance, Investments

Investment strategies doing bare minimum for SMSFs

SMSF investment strategies compliance

Investment strategies are being used to meet compliance hurdles and not fund member outcomes, despite clear guidance being provided on their use.

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