News : Compliance

ATO, Compliance, Strategy

ATO flags multiple SMSFs issue

The ATO has revealed it is examining the use of multiple SMSFs to manipulate tax outcomes as a new emerging matter.

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Administration, ATO, Compliance

Quarterly TBC report dates draw closer

The SMSF Association has reminded SMSFs on a quarterly transfer balance cap (TBC) reporting cycle they must make their first lodgement with the ATO in three weeks.

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ASIC, Compliance

ASIC releases code of ethics guidance

The Australian Securities and Investments Commission (ASIC) has issued guidance on its proposed approach to approving and overseeing compliance schemes for advisers, and how it expects a scheme to operate on an ongoing basis.

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Compliance, Pensions, Strategy

Disregarded small fund asset awareness needed for ECPI

Financial advisers and their SMSF clients need to consider the new rules pertaining to disregarded small fund assets when assessing whether an actuarial certificate will be needed to claim exempt current pension income (ECPI), an industry technical expert has said.

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ATO, Compliance, Management

Trustee motivation on ATO’s radar

Hostplus; SMSF; investment

The tax office has flagged it will continue to monitor the establishment of SMSFs and will closely focus on the motivations of trustees during the registration process to ensure they are clear on their intentions with the fund.

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Administration, Compliance, Superannuation

Admin system needs to be TSB record

Financial advisers and accountants need to ensure their administrative system is the source of truth for their SMSF clients’ total super balance (TSB) records and should not rely on the ATO for this purpose, an industry technical expert has said.

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ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

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Administration, Compliance, Superannuation

Fund guardians key in mitigating litigation

SMSF members would be wise to appoint a fund member guardian in addition to an enduring power of attorney (EPA) to safeguard their fund should they lose mental capacity.

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Administration, Compliance

New NALI rules still ambiguous

Advisers require more ATO guidance on what are considered to be ‘internal arrangements’ under the proposed new non-arm’s-length income (NALI) rules as they attempt to navigate clients through the uncertainty ahead, according to a lawyer.

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Compliance, Education

Calls for pragmatic approach to FASEA

The Financial Planning Association of Australia (FPA) has called for enhancements to the proposed guidance on the framework for financial adviser education in order to ensure fairness and appropriateness.

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