News

Administration, Documentation

Director ID applications clumsy

director identification

Advisers are recommending their clients use manual forms to apply for a director ID number due to the troublesome nature of the myGovID app.

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ASIC, Auditing

ASIC cancels auditor registrations

ASIC SMSF auditor registration

ASIC has cancelled the registration of SMSF auditors who have continued to fail in their obligations to return annual statements.

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Accounting, Death benefits

Death benefits an accountant trap

death benefit nominations accountants

Accountants can face compliance risks on two fronts if they assist clients in completing death benefit nomination forms.

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Property

Property valuations need proof of ownership

smsf property valuations

SMSF trustees must be able to prove property assets are held on behalf of their fund and not by them personally to avoid breaches and penalties.

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ASIC

Licensee of Mayfair representatives shut down

mayfair licensee

ASIC has cancelled the licence of a group that authorised Mayfair 101 representatives and banned its director for eight years.

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Administration, Superannuation

New SMSFs unlikely running by 1 July

SMSF set up

The likelihood of a new SMSF being set up by 1 July is very low due to the extra steps added into the process.

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Contributions

Contribution changes packaged for clients

contributions changes SMSF

The SMSF Association has condensed the contribution changes taking place into a new white-label document for use with advice clients and fund members.

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Superannuation

Super policy execution hazy

Labor superannuation policy

Industry stakeholders remain unclear as to how Labor will implement its commitment to having superannuation play a bigger role in the economy.

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Administration

Reporting lag an admin challenge

reporting lag contributions

The lag in the reporting for SMSFs is going to create an administrative issue for service providers with regard to the new contributions rules.

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ASIC, Financial Planning

ASIC not seeking compliance perfection

ASIC compliance perfection

ASIC has recognised the high level of complexity in financial services legislation and is not expecting advisers to meet those standards every time.

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