News : Compliance

Compliance, Division 296, Legislation, Regulation, Tax

System neutrality needed for Div 296

System neutrality is the one element the SMSF Association would like to see with regard to the implementation of the proposed Division 296 tax.

System neutrality is the one element the SMSF Association would like to see with regard to the implementation of the proposed Division 296 tax.

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Compliance, Contributions, Legislation, Strategy, Tax

Recontributions should not be excessive

Using a recontribution strategy to wipe large tax components from superannuation savings is likely to be considered tax avoidance.

Using a recontribution strategy to wipe large tax components from superannuation savings is likely to be considered tax avoidance.

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ASIC, Compliance, financial advice, Financial Planning

UGC, Shield-linked adviser banned

ASIC has banned a Melbourne-based adviser for his role in promoting investments deemed not to serve the best interests of his clients.

ASIC has banned a Melbourne-based adviser for his role in promoting investments deemed not to serve the best interests of his clients.

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ATO, Auditing, Compliance

ATO will target worst audit files

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

ATO actions over the past year have indicated the regulator will focus on worst-case situations when conducting an auditor review.

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ASIC, Compliance, financial advice, SMSF

Conflicted SMSF advice draws penalties

A licensee and authorised representative have been handed fines of more than $900,000 for SMSF advice based off conflicted remuneration.

A licensee and authorised representative have been handed fines of more than $900,000 for SMSF advice based off conflicted remuneration.

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Compliance, Legislation, Pensions, Regulation

Care needed with ceased legacy pensions

Commuted legacy pensions may still be assessed for age pension purposes and Centrelink has deployed staff to unpack how this may work.

Commuted legacy pensions may still be assessed for age pension purposes and Centrelink has deployed staff to unpack how this may work.

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Compliance, Investments, Legislation, Regulation

Netwealth acts on First Guardian losses

Netwealth has agreed to compensate individuals who lost money as a result of using its platform to invest in the First Guardian Master Fund.

Netwealth has agreed to compensate individuals who lost money as a result of using its platform to invest in the First Guardian Master Fund.

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ATO, Compliance, In-house assets, Legislation, Regulation

Ignoring in-house asset breaches unwise

Trustees dealing with a breach of the in-house asset rules should not believe inaction provides a satisfactory solution to the problem.

Trustees dealing with a breach of the in-house asset rules should not believe inaction provides a satisfactory solution to the problem.

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Compliance, financial advice, Financial Planning, Management

FAAA urges action to ensure FAR status

The FAAA is asking advisers to double check whether they have satisfied the education obligations required to remain on the Financial Advice Register.

The FAAA is asking advisers to double check whether they have satisfied the education obligations required to remain on the Financial Advice Register.

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