News : Compliance

Compliance, Regulation

Royal commission draws line in the sand

Minister for Revenue and Financial Services Kelly O’Dwyer has implored the financial services industry to use the royal commission as the point at which it moves to regain the trust of consumers.

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Administration, Compliance, Financial Planning

Planners feel left out of TBAR loop

Financial planners with SMSF clients feel excluded from the transfer balance account reporting (TBAR) process due to poor communication practices that currently exist between themselves, accountants, trustees and administrators, according to a specialist SMSF adviser.

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Compliance, Regulation, Superannuation

SuperStream announcement a mixed bag

A superannuation industry technical expert has described the federal government’s proposal to include SMSFs within the SuperStream rollover system as a positive development, but has identified some of the other elements included in the initiative as potentially being problematic.

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Compliance, Superannuation

SMSF SuperStream draft laws get strong backing

The SMSF Association has welcomed the draft regulations that extend the use of SuperStream to rollovers to and from SMSFs.

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Administration, Compliance

Accountants, trustees doubling up on TBAR

Instances of transfer balance account report (TBAR) duplication by SMSF trustees and their accountants are occurring, indicating a lack of communication between the two parties, according to Class.

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Compliance, Management

Parallels exist between SMSF, company residency

The ATO will consider the central management and control of an SMSF to be occurring in Australia if all high-level decisions are made in Australia regardless of where the fund’s directors live, according to a lawyer.

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Compliance, Superannuation

No simplification for personal super contributions

Industry expectations that Treasury would simplify the process by which individuals claim a tax deduction for personal superannuation contributions have not come to fruition.

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Administration, Compliance

Periodic processing creates income leads

SMSF accountants should be moving to a periodic processing model rather than remaining on annual processing as it creates new client opportunities and services that can be charged for.

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ASIC, Auditing, Compliance

ASIC report at odds with three-year audit cycle

The corporate regulator’s findings into SMSF advice, which revealed in 91 per cent of files reviewed advisers were non-compliant, cast further doubt over the validity of the federal government ‘s proposal for a three-year SMSF audit cycle, according to a financial services executive.

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Accounting, Compliance

Accounting body calls for exemption reversal

Tax & Super Australia is gravely concerned about the mounting negative effects of the Australian financial services licensing regime on accountants and wants the exemption to be reinstated.

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