News : Compliance & Regulation

ATO, Compliance & Regulation, Contributions, Legislation

Release authority non-compliance grows

The ATO has indicated a larger number of SMSFs are failing to act on release and commutation authorities issued to them.

The ATO has indicated a larger number of SMSFs are failing to act on release and commutation authorities issued to them.

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Compliance & Regulation, Regulation, Scams, SMSF, SMSFA

Sector attacks baseless

Recent claims from certain industry quarters that SMSFs are not properly governed have been refuted by the sector’s peak representative body.

Recent claims from certain industry quarters that SMSFs are not properly governed have been refuted by the sector’s peak representative body.

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ATO, Compliance & Regulation, Legislation, Scams

Alert regarding dental work funding

The ATO and the advocacy body for health practitioners are concerned some operators may be advocating inappropriate access of super.

The ATO and the advocacy body for health practitioners are concerned some operators may be advocating inappropriate access of super.

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Compliance & Regulation, Documentation, Legislation, SMSF

Wet signatures still relevant

While the majority of SMSF documents can be approved via applications such as Docusign, there is one important exception to this practice.

While the majority of SMSF documents can be approved via applications such as Docusign, there is one important exception to this practice.

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Compliance & Regulation, Legislation, Regulation, Scams

Proposal to have SMSFs fund the CSLR

A new paper from Minister for Financial Services Daniel Mulino outlines options for SMSFs to be included in CSLR funding.

A new paper from Minister for Financial Services Daniel Mulino outlines options for SMSFs to be included in CSLR funding.

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Compliance & Regulation, Contributions, Tax

Concessional cap breaches are income

Amounts in excess of an individual’s concessional contributions cap will be included in that person’s assessable income for the year.

Amounts in excess of an individual’s concessional contributions cap will be included in that person’s assessable income for the year.

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Compliance & Regulation, Legislation, Regulation, SuperStream

New ESA service released to market

An SMSF messaging provider has promised swift transfers and discounted fees for funds affected by the closure of two other providers.

An SMSF messaging provider has promised swift transfers and discounted fees for funds affected by the closure of two other providers.

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ATO, Compliance & Regulation, Scams

Warning over suspicious SMSF schemes

The ATO has stated SMSF schemes have key characteristics and features that should act as warning for trustees to avoid them.

The ATO has stated SMSF schemes have key characteristics and features that should act as warning for trustees to avoid them.

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Compliance & Regulation, Division 296, Legislation, Tax

Div 296 process lacking detail

The necessity to obtain an actuarial certificate with regard to the allocation of earnings for Division 296 purposes currently seems to be unclear.

The necessity to obtain an actuarial certificate with regard to the allocation of earnings for Division 296 purposes currently seems to be unclear.

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ATO, Compliance & Regulation, Legislation

No ATO discretion for prohibited loans

The ATO has no discretionary power to provide any compliance relief to SMSF trustees who have provided a prohibited loan.

The ATO has no discretionary power to provide any compliance relief to SMSF trustees who have provided a prohibited loan.

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