News : Regulation

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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Compliance, Regulation, Tax

Tax agent code changes finalised

Code of professional conduct for tax agents Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 2) Determination 2024

The proposed changes to the code of professional conduct for tax agents will be tabled in parliament after the government and industry agreed to a final round of changes.

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Pensions, Regulation, SMSF

Pension exit improvements proposed

Legacy pensions Commutations Reserve allocations Contribution cap

Draft plans to allow SMSF members to exit legacy pensions can be improved by removing any timeframes and allowing partial commutations without contribution caps being applied.

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financial advice, Regulation

Dixon parent company to delist

FAAA Dixon Advisory E&P Financial Group CSLR Compensation Scheme of Last Resort ASX

The parent company of Dixon Advisory has announced plans to move into private ownership, but this is unlikely to prevent public scrutiny during the inquiry into the collapse of the advice firm.

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ATO, Regulation, SMSF

Non-residency must be reported

Annual return ATO SMSF Residency Central management and control test

The non-resident status of an SMSF must be reported to the ATO rather than it informing practitioners of that fact as they would have the information before the regulator.

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Regulation, SMSF

Central management and control test misunderstood

Central management and control test Katie Timms Two-year rule CMC

SMSF trustees travelling overseas are retrospectively applying the two-year rule to the central management and control test rather than correctly stating their intentions prior to departure.

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financial advice, Regulation

Dixon Advisory inquiry to go ahead

Dixon Advisory Inquiry FAAA Financial Advice Association Australia

A public inquiry will be held into the collapse of Dixon Advisory after the FAAA secured support for the move in parliament.

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financial advice, Regulation

Advice reform regulations tabled

Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 Delivering Better Financial Outcomes Quality of Advice Review QAR

Regulations to deliver on reforms proposed in the Quality of Advice Review have been tabled by Treasury, with some taking immediate effect.

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