News : Regulation

ATO, NALI/NALE, Regulation

LCR 2021/2 rulings applauded for now

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

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Administration, Legislation, Regulation

Trustee rule breaches have SIS relief

The Superannuation Industry (Supervision) Act provides some relief for SMSF trustees who have breached the rules by which they are bound.

The Superannuation Industry (Supervision) Act provides some relief for SMSF trustees who have breached the rules by which they are bound.

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ATO, Compliance, Regulation, SMSFA

Audit of ATO oversight welcomed

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

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Pensions, Regulation, Superannuation

No minimum time for couple definition

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

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Compliance, Legislation, Regulation

Member numbers determine trustee rules

The number of members included in an SMSF will be the most important factor in determining the obligations and responsibilities of the fund trustees.

The number of members included in an SMSF will be the most important factor in determining the obligations and responsibilities of the fund trustees.

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Compliance, financial advice, Financial Planning, Legislation, Regulation

CSLR blowout must be shared

The shortfall regarding CSLR funding should be spread across all financial services sectors as well as the government sector.

The funding shortfall regarding the CSLR should be borne by the entire financial services industry as well as the government sector.

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financial advice, Financial Planning, Regulation

New class of adviser an opportunity

The FAAA hopes draft legislation regarding the new class of adviser will be released soon so the industry body can work out the impact on the sector.

The FAAA hopes draft legislation regarding the new class of adviser will be released soon so the industry body can work out the impact on the sector.

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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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ASIC, Compliance, Regulation

ASIC restructure netting results

The number of investigations and civil proceedings has increased significantly after a revamp of the staff structure within ASIC.

The number of investigations and civil proceedings has increased significantly after a revamp of the staff structure within ASIC.

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financial advice, Financial Planning, Regulation

DBFO has failed its objectives

The Financial Advice Association Australia has labelled the government’s response to the Quality of Advice Review to date as frustrating.

The Financial Advice Association Australia has labelled the government’s response to the Quality of Advice Review to date as frustrating.

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