News : Compliance

Compliance, Legislation, Regulation, Strategy

EPOA best set up before travel

SMSF trustees opting to use an EPOA to satisfy the central management and control test when overseas should do so prior to leaving Australia.

SMSF trustees opting to use an EPOA to satisfy the central management and control test when overseas should do so prior to leaving Australia.

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Compliance, Financial Advice, Financial Planning, Legislation, Regulation, Superannuation

CSLR levy threat to adviser numbers

The FAAA is worried the growing special levy impost on financial advisers could see more practitioners exit an already shrinking sector.

The FAAA is worried the growing special levy impost on financial advisers could see more practitioners exit an already shrinking sector.

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ATO, Compliance, Technology

ATO urges app use to prevent fraud

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

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ATO, Compliance

Trustee disqualifications decline

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

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Compliance, Pensions, Regulation

Multiple pensions can save payment error

SMSF members can use multiple pensions to avoid breaching payment rules, but must have clear documentation to support this strategy.

SMSF members can use multiple pensions to avoid breaching payment rules, but must have clear documentation to support this strategy.

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ASIC, Compliance, Financial Advice, Financial Planning

Exam pass rate remains steady

The most recent ASIC adviser exam has seen more people undertake the exercise, while the pass rate has remained steady.

The most recent ASIC adviser exam has seen more people undertake the exercise, while the pass rate has remained steady.

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Compliance

AUSTRAC to publish AML/CTF starter kits

The Australian Transaction Reports and Analysis Centre is providing some additional sector-specific AML/CTF Act guidance.

The Australian Transaction Reports and Analysis Centre is providing some additional sector-specific AML/CTF Act guidance.

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ATO, Compliance, Documentation, SMSF

Non-lodgements driving ATO action

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

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ATO, Auditing, Compliance

Bar is high for SMSF auditors

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

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Auditing, Compliance

ATO monitoring low-cost audits

SMSF auditors who charge low fees are viewed by the ATO as an area of risk as it ramps up efforts to see what trustees are paying each year.

SMSF auditors who charge low fees are viewed by the ATO as an area of risk as it ramps up efforts to see what trustees are paying each year.

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