News : Compliance

Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Administration, Compliance, Contributions, Superannuation

Terminal illness rollover timing key

Rollover Terminal illness Condition of release ATO Contribution SMSF Self-managed superannuation

SMSF trustees diagnosed with a terminal illness can roll over their retirement savings to another fund, but a specific process must be followed to avoid adverse consequences.

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ATO, Compliance, Property, SMSF

Dig deep for commercial valuation data

Commercial property Qualified valuer's report Valuations

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

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

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.

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ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

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

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

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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