News : Legislation

Compliance, Legislation, Regulation, Tax

Avoid family split payment shortcuts

An order issued in the event of a family split must be executed properly without shortcuts to allow the intended outcome to eventuate.

An order issued in the event of a family split must be executed properly without shortcuts to allow the intended outcome to eventuate.

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ATO, Division 296, Legislation, Tax

Taxpayer will get Div 296 notification

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

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Division 296, Legislation, Tax

Super tax timeframe still undetermined

The government has not publicly committed to a date to introduce the Division 296 legislation stating it has until 2026 to do so.

The government has not publicly committed to a date to introduce the Division 296 legislation stating it has until 2026 to do so.

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ASIC, financial advice, Financial Planning, Legislation

Former adviser appears in court

The alleged misappropriation of $4.1 million belonging to clients has seen a former financial adviser front the Perth Magistrates Court.

The alleged misappropriation of $4.1 million belonging to clients has seen a former financial adviser front the Perth Magistrates Court.

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Division 296, Legislation, Regulation, Tax

Old claims can’t justify Div 296 start

Two-year-old arguments from the government are not sufficient justification to implement the proposed Division 296 tax or backdate its commencement.

Two-year-old arguments from the government are not sufficient justification to implement the proposed Division 296 tax or backdate its commencement.

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Division 296, Legislation, Regulation, Tax

Uncertainty over super tax continues

Speculation over the Division 296 tax measure is continuing as to its progression and whether the government will keep pursuing it.

Speculation over the Division 296 tax measure is continuing as to its progression and whether the government will keep pursuing it.

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Death benefits, Legislation

Time limits still apply to fund payments

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, death benefit, reasonable timeframe, Heffron, Lyn Formica, six-month rule, guidance, Sean Johnston, payment, sale of asset

The absence of a specific timeframe in ATO guidance to pay a death benefit does not mean trustees have unlimited time to do so.

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Compliance, financial advice, Financial Planning, Legislation, Regulation

Call to reform AFSL regime

The FSC has called for reform of the Australian financial services licensing system, which has not been changed in nearly 25 years.

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ASIC, Compliance, fraud, Investments, Legislation

Mayfair investors slam ASIC

A group of individuals invested in the financial products of the Mayfair 101 Group has strongly criticised ASIC’s actions against the fund manager.

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Death benefits, Estate Planning, Legislation, Regulation

Death benefit payment timeframe gone

The ATO’s guidance suggesting a timeframe of six months is the definition of ‘as soon as practicable’ for death benefit payments has been removed.

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