News : Compliance

ECPI compliance risk reduced on SMSF software

October 15, 2018

The latest feature added to SuperMate will allow actuarial certificates to be validated automatically when SMSFs claim exempt current pension income (ECPI), reducing time, costs and exposure to compliance risks.

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ATO, Compliance, Strategy

ATO flags multiple SMSFs issue

October 9, 2018

Krystine Lumanta

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

October 8, 2018

Malavika Santhebennur

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

September 28, 2018

Krystine Lumanta

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

September 26, 2018

Darin Tyson-Chan

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

September 25, 2018

Krystine Lumanta

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.

Admin system needs to be TSB record

September 18, 2018

Darin Tyson-Chan

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

September 18, 2018

Krystine Lumanta

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.

Fund guardians key in mitigating litigation

September 13, 2018

Malavika Santhebennur

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

September 13, 2018

Malavika Santhebennur

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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