News : Regulation

AAT, Compliance, Legislation, Regulation

Past actions can bar trustee appointment

SMSF disqualified trustees Dishonest conduct SIS act

People who wish to become SMSF trustees must present a clean sheet of behaviour in regards to dishonest conduct as past actions can bar them from being appointed.

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Accounting, Legislation, Regulation

Single financial reporting body to be formed

Australian Accounting Standards Board Auditing and Assurance Standards Board Financial Reporting Council amalgamated merger

The government will amalgamate three existing financial reporting bodies into one entity that will implement new climate and sustainability standards.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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Administration, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

Uncertainty over a key tax ruling has raised concerns regarding how the ATO and the tax commissioner might handle cases of illegal fund access by an SMSF.

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Compliance, Regulation

Related-party collectable rules strict

SIS Regulations SMSF related party personal use assets collectables

The Superannuation Industry (Supervision) Regulations impose many restrictions on related-party transactions involving personal-use assets of an SMSF.

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financial advice, Legislation, Regulation

Draft bill to enact QAR changes released

Quality of Advice Review recommendations Draft legislation

A long-awaited bill to enshrine some of the recommendations of the Quality of Advice Review has been released by Treasury.

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Compliance, Investments, Regulation

Acquisition error not reversible

SMSF related party acquisition breach

SMSF trustees who purchased an asset from a related party in error cannot reverse the breach but only manage the problem with the ATO.

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Legislation, Regulation, Superannuation

Super objective remains rejected

Objective of superannuation IFPA Natasha Panagis

The objective of superannuation proposed in draft legislation tabled last month has not got Institute of Financial Professionals Australia backing.

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Regulation, Superannuation, Tax

Super funds already differentiated

$3 million soft cap calculation

The reasoning behind the calculation of the proposed tax on the $3 million soft cap is at odds with other aspects of the superannuation system.

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Compliance, Legislation, Regulation, Superannuation

Super objective scope unclear

Superannuation objective

Draft legislation to enshrine the objective of superannuation into law does not include any guidance as to whether auxiliary measures would need to align with it.

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