News : Regulation

ASIC, Regulation

EUs effective in deterring misconduct: study

New research has revealed financial services and credit providers fear being sanctioned by enforceable undertakings (EU) and find it a deterrent despite speculation that the regulatory contracts are ineffective.

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Administration, ATO, Regulation

TBAR just the start of SMSF automation journey

SMSF practitioners must acknowledge the inevitability of the transfer balance account report (TBAR) regime moving to full, automated online reporting for the sector and what this will mean for their businesses.

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ATO, Compliance, Regulation

SMSFs falling over on basic TBAR errors: ATO

The ATO has received transfer balance account reports (TBAR) from 135,000 SMSFs thus far, but trustees are being caught out by basic errors in the information they are supplying.

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Insurance, Regulation

Life insurance issue possibly overlooked

The potential tax treatment of death benefits rolled over on or after 1 July 2017 where the rollover amount includes life insurance proceeds continues to be a sleeper issue, a technical expert has warned.

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Documentation, Regulation

Super changes must spark trust deed review

Changes to super laws that resulted from the 2016 super reforms should be a trigger for SMSF trustees and their advisers to review the SMSF trust deed, according to a technical manager.

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ATO, Regulation, Strategy

Court case may spark in-house asset scrutiny

The ATO may become more mindful of SMSFs that lease residential property assets to related entities using smaller trust structures to circumvent in-house asset rules in light of the Aussiegolfa decision, an SMSF expert warned.

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ATO, Regulation, Residential Property

Aussiegolfa must not prompt related-party dealings

The ATO’s decision not to seek special leave to appeal the full Federal Court decision in Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation in respect of the sole purpose test should not offer SMSFs comfort in thinking they can lease residential property to related parties, a financial planner has warned.

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Investments, Regulation

Fund manager calls for franking credit refund cap

A fund manager has proposed the implementation of caps on maximum franking credit refunds per person as an alternative solution to scrapping the refunds altogether.

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Regulation, Superannuation

Treasury releases work test exemption draft laws

The federal government has released draft legislation and regulations that will provide a one-year exemption from the work test for super contributions to allow recent retirees to boost their super balances.

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Financial Planning, Regulation, Superannuation

Seismic change predicted from royal commission

The banking royal commission’s final report will likely be the catalyst for unprecedented change in the financial services industry, an industry executive has said.

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