News : Compliance

Facts can avoid compliance issues

August 6, 2024

Loan Borrowing SMSF Self-managed superannuation Compliance breach Overdrawn account

Unneeded reporting of SMSF compliance breaches can be avoided if a questionable action is analysed and treated in an accurate manner.

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ATO, Compliance, Property, SMSF

Dig deep for commercial valuation data

Commercial property Qualified valuer's report Valuations

August 6, 2024

Todd Wills

While a qualified valuer’s report is preferred for commercial property valuations, trustees can use objective data from alternative sources if they choose not to obtain one.

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Compliance, Pensions, Regulation, SMSF

Pensions can predate document completion

Pension Confirmatory pension document Documentation Income stream

August 6, 2024

Todd Wills

A superannuation income stream can start before the necessary paperwork for the pension is completed as long as a certain set of requirements are met.

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ASIC, Compliance, Documentation

ASIC action highlights director ID necessity

SuperCentral director ID Director Identification Number self-managed superannuation SMSF ASIC

August 5, 2024

Jason Spits

SMSF corporate trustees must hold a director identification number as recent ASIC action has shown no grace will be shown to those who have failed to meet this binding obligation.

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

August 5, 2024

Jason Spits

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

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Compliance, Tax

Tax agent code change pushed back

Tax Practitioners Board TPB Code of Professional Conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones SMSF Association Chartered Accountants Australia and New Zealand

August 1, 2024

Jason Spits

New additions to the code of conduct for registered tax agents will now apply from two dates in 2025 and not from 1 August following a late change by the government.

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ATO, Compliance, NALI/NALE, Regulation

No need for exact arm’s-length fee

ATO Non-arm's-length expenditure LCR 2021/2

July 31, 2024

Todd Wills

SMSF trustees do not need a detailed breakdown of arm’s-length fees for any service charged to the fund, but will need to make a reasonable attempt to determine that figure.

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ASIC, Compliance, financial advice, SMSF

Adviser cops ban over conflicted advice

ASIC UGC SMSF Self-managed superannuation Joel James Hewish Ban Conflicted personal advice United Global Capital Pty Ltd

July 31, 2024

Todd Wills

A Victorian adviser who managed a firm that encouraged clients to roll their retirement savings into SMSFs to invest in his own interests has been banned for 10 years.

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ATO, Compliance, ECPI, Tax

Avoid ECPI Div 296 exploits

ECPI exempt current pension income Division 296 tax Total superannuation balance TSB

July 25, 2024

Jason Spits

SMSFs should avoid strategies that exploit the tax-free aspects of the ECPI rules to sidestep potential Division 296 tax liabilities as they are readily identifiable as avoidance schemes.

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ATO, Compliance, SMSF

Early access treatment key to ATO actions

ATO Illegal early access Peter Bobbin SMSF Association Technical Summit Loans SMSF Self-managed superannuation

July 25, 2024

Darin Tyson-Chan

The illegal early access of benefits can be treated in a different factual manner to produce a better compliance outcome for the trustees involved.

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