News : Compliance

ATO, Compliance, NALI/NALE, Regulation

No need for exact arm’s-length fee

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

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

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

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

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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Compliance, Regulation, SMSF, Tax

TPB disciplines SuperGuardian

Tax Practitioners Board Tax Agent Services Act 2009 Code of Professional Conduct SuperGuardian SMSF Self-managed superannuation Jason Poser SMSF Association

Specialist SMSF accounting firm SuperGuardian has had disciplinary action taken against it by the TPB for a code of conduct breach.

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Compliance, Regulation, Tax

Consultation open on tax agent changes

Consultation Tax agents Tax Practitioner's Board Treasury Registration requirements IFPA

Treasury has released a consultation paper proposing changes to the registration requirements for tax practitioners.

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Compliance, Contributions, Regulation

Self-assess carry-forward rule use

Concessional contributions Carry-forward provisions SMSF Self-managed superannuation MyGov Self-assessment

Self-assessment is to be used originally to determine if a super fund member is able to use the carry-forward concessional contributions cap rules.

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Auditing, Compliance, Property, SMSF

Overseas property carries audit risk

SMSF auditors should always signal to the ATO their concerns over funds invested in overseas property which cannot provide suitable ownership data each year.

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AAT, Compliance, Regulation, SMSF

Case alters financial assistance view

Superannuation (Industry) Supervision (SIS) Act. AAT Merchant vs Commissioner [2024] ATO SMSF Self-managed superannuation Financial assistance Section 65

An SMSF may be at risk of breaching the SIS Act if it provides financial assistance to related parties, even when conducting seemingly standard transactions.

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