News : Regulation

Auditing, Compliance, Regulation

Auditing standards impact valuations

Sufficient and appropriate evidence Asset valuations SMSF auditors Auditing standards

Professional standards play a significant role for SMSF auditors when assessing whether an asset valuation is sufficient and appropriate.

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Compliance, Death benefits, Regulation

ATO view clear on benefit payments

ATO SMSF Member benefit Death benefit Superannuation benefit Death

The ATO is taking a less discretionary approach to situations where a superannuation benefit is paid after the death of a member, but was requested before the event.

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ASIC, Compliance, Regulation

ASIC bans Queensland SMSF adviser

ASIC SMSF Financial adviser Ban

ASIC has banned a financial adviser from any involvement in the financial services industry after finding he engaged in dishonest conduct when dealing with six SMSF clients.

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Compliance, Contributions, Regulation, Strategy

Bring-forward rule timing important

Bring-forward arrangement Non-concessional contributions Contributions Contribution caps Indexation SMSF

The higher non-concessional contributions caps coming on 1 July will not be applicable for everyone looking to use the bring-forward rules.

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LRBA, Regulation, SMSF

Beware LRBA interest rate impact

Interest rates LRBA SMSF Loans Related-party

SMSF practitioners should assess their clients’ existing LRBAs and explore opportunities to secure a better interest rate for the loan through a commercial lender.

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financial advice, Regulation

CSLR adviser levy exceeds $18 million

FAAA Compensation Scheme of Last Resort Levy Funding Financial advisers

The compensation scheme of last resort has unveiled its levy funding estimates, prompting concern from one industry body over the costs imposed on the financial advice sector.

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Cryptocurrency, Investments, Regulation

Investment scam losses stemmed

Investment scams ACCC National Anti-Scam Centre Cryptocurrency

Anti-scam initiatives by the government have significantly reduced the level of consumer losses in the first six months of their operation.

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ATO, Compliance, Regulation

ATO bans 149 SMSF trustees

ATO Disqualification SMSF trustees

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

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Auditing, Compliance, Regulation, SMSF

Review loans to avoid audit issues

SMSF auditors Loans Litigation SIS regulations Audit file

SMSF auditors must be prepared to substantiate their audit file with sufficient evidence in situations where an SMSF has invested in a loan.

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Compliance, In-house assets, Investments, Regulation

Related-party challenge recognised

ATO Paul Delahunty Related parties In-house assets Part 8 associates

The difficulty trustees may have in complying with the related-party rules has been noted by the ATO in the context of the total number of SMSF members.

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