News : Compliance

Business News, Compliance

BT Panorama digital consent feature timely

BT digital consent

The recent launch of BT Panorama’s digital advice consent tool has been described as timely by one of the organisation’s senior strategy executives.

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Compliance

Court reinforces trustee standards

SMSF trustee standards
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The recent dismissal of an appeal brought by an SMSF trustee has highlighted the need for them to maintain high standards and act in good faith when executing their duties.

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Compliance, LRBA

LRBA compliance essential despite COVID-19

LRBA compliance

Trustees forced to sell units in a trust subject to existing LRBAs should keep in mind the relevant compliance issues, regardless of the COVID-19 pandemic, a legal expert says.

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ATO, Compliance

Early super access possible for TRIS members

Early super access TRIS

Members with a TRIS might be able to access their super early if it consists of preserved or restricted non-preserved benefits, the ATO says.

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Administration, Compliance

Funds must justify rent relief for tenants

SMSF Rent relief

Trustees must provide commercial justification on behalf of their fund for any rent relief arrangements with tenants unable to pay rent because of the COVID-19 pandemic, an SMSF technical expert says.

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ATO, Compliance

ATO data lifts need for warnings

ATO investment strategy compliance

New ATO data-checking abilities mean trustees need to comply with investment guidelines and advisers should be promoting this compliance.

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Compliance, ETFs

ETFs minimise adviser compliance risk

ETFs compliance risks

A panel of industry stakeholders has agreed the use of exchange-traded funds can allow advisers to reduce their compliance risks.

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Compliance

Targeted implementation of work test amendment likely

Targeted work test

A technical expert has suggested the relaxing of the work test rules is likely to be implemented in a fashion targeted toward certain individuals.

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ATO, Compliance

ATO flags trustee eligibility concerns

ATO SMSF trustees eligibility

The ATO has reminded potential SMSF trustees and directors of SMSF corporate trustees about their eligibility obligations.

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ATO, Compliance

ATO toughens breach stance

ATO trustees breaches

The ATO will give fewer warnings but more penalties to SMSFs that breach their obligations under a recalibrated enforcement model.

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