News : Regulation

ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

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

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

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

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

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

SMSFs still eligible for GST rebate

GST SMSF Heffron ATO Self-managed super Reduced input tax credits

SMSFs may still be able to claim a rebate for the GST charged on financial advice fees from 1 July 2024.

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ASIC, Regulation, SMSF

INFO 274 change having no impact

INFO 274 SMSF ASIC Self-managed superannuation Establishment Investment Trends

The significant amendment ASIC made to Information Sheet 274 has had almost no impact on SMSF establishments.

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Compliance, Regulation, SMSF, Tax

TPB disciplines SuperGuardian

Tax Practitioners Board Tax Agent Services Act 2009 Code of Professional Conduct SuperGuardian SMSF Self-managed superannuation Jason Poser SMSF Association

Specialist SMSF accounting firm SuperGuardian has had disciplinary action taken against it by the TPB for a code of conduct breach.

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Regulation, Tax

Coalition slams tax agent code changes

Tax agent Luke Howarth Stephen Jones Code of Professional Conduct Tax Practitioners Board

A government measure to introduce new obligations into the code of conduct for tax agents will impose an excessive compliance burden on smaller practitioners.

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Contributions, Regulation, Superannuation

General TBC likely to rise again

CPI Consumer price index AWOTE General transfer balance cap Concessional contribution cap Non-concessional contribution cap

Superannuants are likely to experience further increases in the general transfer balance cap in the coming years due to indexation.

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