News : Regulation

ATO, Pensions, Regulation

Take note of pension rule change

Pension TR 2013/5 ECPI Exempt current pension income ATO

SMSF trustees have been warned of the significant tax risks if minimum pension payments are missed following a change to an established ATO ruling.

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financial advice, Regulation

FAAA raises CSLR issues with Jones

CSLR Compensation Scheme of Last Resort FAAA Financial Advice Association Australia Dixon Advisory Stephen Jones

The FAAA has met with Treasury to press for action on its key concerns regarding the Compensation Scheme of Last Resort.

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Legislation, Regulation, Tax

Opposition moves to block tax agent changes

Tax Agent Services (Code of Professional Conduct) Determination 2024 Opposition Senate CAANZ

The opposition has called on the Senate to block the passage of proposed changes to the tax agent code of conduct as they are likely to impact small operators disproportionately.

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Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Compliance, Pensions, Regulation, SMSF

Pensions can predate document completion

Pension Confirmatory pension document Documentation Income stream

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

Regulations and policies for retirement income products are currently outdated and need to be updated to serve the growing number of Australians with complex financial advice needs.

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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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