News : Regulation

Regulation

Scam protection campaign launched

The federal government has undertaken a new media campaign to protect Australians against the damage caused by financial scams.

The federal government has undertaken a new media campaign to protect Australians against the damage caused by financial scams.

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ASIC, ATO, Regulation

Financial regulation initiative launched

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

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Administration, Regulation, SMSF

Check SMSF trustee constitutions for capacity gaps

SMSF constitution Capacity Director Corporate trustee SMSF self-managed superannuation DBA Lawyers Dan Butler

The constitution of an SMSF should include an appropriate process for handling the possible incapacity of a director of the corporate trustee.

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Regulation, SMSFA

Promoter penalty changes untested

SMSF Association Promoter penalty PSLA 2021/1 ATO

The SMSF Association has proposed more time is needed to evaluate the impacts of an updated penalty regime for promoters of tax exploitation schemes.

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Pensions, Regulation, Strategy

TTR strategy holds up amid changes

Concessional contribution cap Stage three tax cuts Superannuation guarantee Transition-to-retirement pension TTR Colonial First State Tim Sanderson

The merits of implementing a transition-to-retirement income stream have not been dulled by recent changes to certain superannuation parameters.

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Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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ATO, Compliance, Regulation

Sole purpose tough with some transactions

SMSF Self-managed superannuation Sole purpose test Related party Property development ATO Cooper Partners Financial Services Jemma Sanderson

SMSFs may be better off avoiding complex related-party transactions if the effort to enact them exceeds the work required to comply with the sole purpose test.

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Regulation, Retirement

Role change is not retirement

Retirement Condition of release Superannuation Industry (Supervision) Regulation 6.01(7)

A change of employment conditions of a super fund member aged 60 will not satisfy a retirement condition of release in most cases.

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ATO, In-house assets, Regulation

Complexity raises sole purpose risk

SMSF Self-managed superannuation Sole purpose test Related party transaction current day benefit Cooper Partners Financial Services Jemma Sanderson

SMSF trustees and practitioners should look beyond obvious issues regarding the sole purpose test when dealing with related parties as greater complexity raises the likelihood of breaching it.

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Pensions, Regulation

TR 2013/5 sets consistent standard

TR 2013/5 minimum pension exempt current pension income superannuation income stream SMSF APRA fund CFS Craig Day

Consistent treatment of pensions where the payment standards have not been met has potentially been achieved with the update to TR 2013/5.

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