News : Regulation

Accounting, Regulation

Industry overstating NALI impact

non-arm’s-length income statistics

The SMSF sector is placing more importance on the non-arm’s-length income rules than is warranted by ATO statistics, according to an accounting body.

read more
Education, Regulation

New competency model needed to retain accountants

competency model accountants limited licensing

A new competency model for accountants should be implemented to offset the impact of FASEA reforms on the limited licencing model, an SMSF expert says.

read more
Regulation, Superannuation

SMSF Association calls for residency test review

SMSF residency test

The residency test for SMSFs is a rule the SMSF Association will be encouraging the government to amend due to some resulting poor outcomes for superannuants.

read more
Regulation

Regulation uncertainty to escalate adviser struggles

financial advisers regulatory uncertainty

The latest sector research shows advisers expect the challenge of regulatory uncertainty to increase when it comes to servicing SMSF clients.

read more
Financial Planning, Regulation

Government puts an end to grandfathered commissions

end grandfathered commissions advisers

The government is set to introduce legislation that will end the grandfathering of conflicted remuneration to financial advisers by 1 January 2021.

read more
ATO, Regulation

Sector angst over administrative penalties

SMSF administrative penalties

Recent events indicate the ATO has changed its approach to issuing SMSF administrative penalties for legislative breaches, with the development raising sector concerns.

read more
Regulation

NALI statutory income clarification expected

NALI statutory income

The legislation governing non-arm’s-length income is set to be amended to make the treatment of capital gains easier to understand.

read more
ATO, Regulation

Auditor numbers misuse a red flag for ATO

SMSF auditor number misuse

The ATO has found nearly 1500 instances of potential fraud linked to the use of SMSF auditor numbers included with annual returns for the 2017 financial year.

read more
ASIC, Regulation

ASIC acts on licensees outside dispute scheme

financial services complaints scheme

ASIC has moved to ensure financial services providers are covered by the industry dispute resolution scheme, prompting 50 firms to sign up to AFCA.

read more
Regulation, Superannuation

Government committed to aiding SMSF sector

Jane Hume; SMSF; audit cycle

The newly returned coalition government has confirmed its commitment to helping the SMSF sector succeed but has not revealed its plans for the three year audit cycle.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.