News : Compliance

Compliance, Regulation, SMSFA

SMSF residency rules neglected

SMSF residency rules

The government has missed an opportunity to clarify future changes to SMSF residency rules as part of a current consultation process.

read more
Compliance, Contributions, Strategy, Superannuation

Excess contribution refund needs approval

Excess concessional contributions refund

SMSF trustees who exceed their concessional contribution cap limit should wait for the ATO to issue a release authority before seeking a release of the excess funds.

read more
ASIC, Compliance, Education

Pass rate climbs as candidates settle

ASIC adviser exam

The percentage of advisers passing the most recent ASIC exam has increased compared to recent sittings as the number of advisers taking the exam settles to a new lower figure.

read more
Compliance, Investments

Wholesale exemption may harm consumers

licensing exemptions foreign financial services providers wholesale investors

An exemption to allow foreign financial services providers to pitch products at wholesale investors should only apply once that group of people has been better defined.

read more
ATO, Compliance

Illegal access leading trustee failure

Illegal access ATO SMSF

The ATO has identified illegal access to superannuation as a key area where SMSF trustees are not meeting their obligations, noting it has led to an increase in disqualifications.

read more
Administration, Compliance, SMSF

Offshore member status needs consideration

SMSF residency rules

SMSFs with members living overseas should be reviewing their stake in the fund to ensure they are not breaching residency rules, which have not changed despite government announcements.

read more
Compliance, In-house assets, LRBA

Loan key to holding trust asset

LRBA gearing strategy

An LRBA of any magnitude should be used for compliance purposes if an associated holding trust has acquired the asset in question.

read more
Compliance, NALI/NALE, Property, SMSF

Commercial lease negates NALI

NALI

A rise in the market value of an SMSF property is unlikely to trigger the NALI rules if a commercial lease with the tenant exists.

read more
ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

read more
ASIC, Compliance, financial advice

More details needed on levy spending

ASIC adviser levy FAAA Sarah Abood

ASIC should provide the advice sector with further information on how it spends more than $55 million each year on enforcement work, given the recent increase in the adviser levy.

read more

Copyright © SMS Magazine 2023

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital