News : Compliance

ATO, Compliance, In-house assets

The section 66 blind spot

The ATO’s enforcement policy could be providing trustees with an opportunity to breach SIS Act section 66 without any compliance consequences.

The ATO’s enforcement policy could be providing trustees with an opportunity to breach SIS Act section 66 without any compliance consequences.

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Compliance, Contributions, Legislation, Regulation

Contributions de minimis tool gone

Superannuants can no longer rely on the ATO exercising a de minimis rule for small amounts of money triggering excess contributions.

Superannuants can no longer rely on the ATO exercising a de minimis rule for small amounts of money triggering excess contributions.

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Compliance, Regulation, SMSF

AML/CTF to have greater SMSF impact

Many more SMSF sector service providers will be significantly impacted by the next phase of the AML/CTF laws from 1 July this year.

Many more SMSF sector service providers will be significantly impacted by the next phase of the AML/CTF laws from 1 July this year.

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Accounting, Compliance, Regulation

AUSTRAC releases AML/CTF starter kits

Practitioners such as accountants now have a specific kit designed to help them comply with their obligations under the AML/CTF legislation.

Practitioners such as accountants now have a specific kit designed to help them comply with their obligations under the AML/CTF legislation.

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Compliance, Contributions, Legislation, Regulation

General TBC to increase to $2.1 million

The general transfer balance cap will undergo its third increase in four years after inflation spiked at the end of last year.

The general transfer balance cap will undergo its third increase in four years after inflation spiked at the end of last year.

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ASIC, Auditing, Compliance

ASIC acts against 28 SMSF auditors

Failure to meet professional obligations and standards has resulted in disqualifications and cancellations for more than 25 auditors.

Failure to meet professional obligations and standards has resulted in disqualifications and cancellations for more than 25 auditors.

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ART, ASIC, Compliance

UGC adviser ban reduced

An adviser banned for not meeting best interest requirements in regards to SMSF advice has had the length of the punishment halved.

An adviser banned for not meeting best interest requirements in regards to SMSF advice has had the length of the punishment halved.

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Auditing, Compliance, Crypto Assets, Cryptocurrency, Digital assets, Legislation, Regulation

Crypto valuations rigorous for auditors

The procedures the ATO has stipulated auditors must follow with regard to the valuation of SMSF cryptocurrency assets are quite arduous.

The procedures the ATO has stipulated auditors must follow with regard to the valuation of SMSF cryptocurrency assets are quite arduous.

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ATO, Auditing, Compliance

ATO specifies ACR lodgement timing

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

New guidance from the ATO has reminded auditors to lodge an ACR in the year they identify a breach has occurred to ensure trustee compliance.

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ATO, Compliance, Regulation, SMSF

ATO issues education direction guidance

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

The ATO has stipulated the circumstances whereby issuing education directions is not appropriate for SMSF trustee duty breaches.

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