News : Regulation

Facts can avoid compliance issues

August 6, 2024

Loan Borrowing SMSF Self-managed superannuation Compliance breach Overdrawn account

Unneeded reporting of SMSF compliance breaches can be avoided if a questionable action is analysed and treated in an accurate manner.

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Compliance, Pensions, Regulation, SMSF

Pensions can predate document completion

Pension Confirmatory pension document Documentation Income stream

August 6, 2024

Todd Wills

A superannuation income stream can start before the necessary paperwork for the pension is completed as long as a certain set of requirements are met.

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Regulation, Retirement, Superannuation

Policy lags behind advice demand

FSC Retirement income products Blake Briggs

August 5, 2024

Todd Wills

Regulations and policies for retirement income products are currently outdated and need to be updated to serve the growing number of Australians with complex financial advice needs.

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

August 5, 2024

Jason Spits

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

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ATO, Compliance, NALI/NALE, Regulation

No need for exact arm’s-length fee

ATO Non-arm's-length expenditure LCR 2021/2

July 31, 2024

Todd Wills

SMSF trustees do not need a detailed breakdown of arm’s-length fees for any service charged to the fund, but will need to make a reasonable attempt to determine that figure.

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Investments, Regulation, SMSF

Sole purpose test is king

Sole purpose test In-house asset rules Related party 5 per cent rule SMSF Self-managed superannuation Knowledge Shop Jason Hurst

July 30, 2024

Darin Tyson-Chan

Satisfying the sole purpose test outweighs all other compliance considerations when trustees are contemplating an SMSF investment.

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AAT, ATO, Regulation, SMSF

AAT rejects trustee disqualification appeal

Administrative Appeals Tribunal AAT ATO SMSF Self-managed superannuation fund Disqualification SIS Act Coronica and Commissioner of Taxation [2024] Superannuation Industry (Supervision) (SIS) Act

July 29, 2024

Todd Wills

A banned SMSF trustee has failed to have his disqualification overturned, with the AAT stating the breaches he committed were too numerous and serious to disregard.

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ASIC, financial advice, Regulation

NSW adviser banned over conflicts of interest

ASIC Australian Securities and Investments Commission Trust SMSF Self-managed superannuation fund Australian financial services licence Christopher Edward Luff

July 29, 2024

Jason Spits

A NSW adviser who offered an investment trust product to clients within an SMSF has been banned for not acting in their best interest and for providing inappropriate advice.

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Administration, ATO, Regulation, Tax