News : Compliance & Regulation

ATO, Compliance & Regulation, Property

Rental property expenses in focus

NALI Deductions ATO Rental property

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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ATO, Compliance & Regulation, SMSF

Illegal early access fact sheet released

ATO SMSF Illegal early access

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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ATO, Auditing, Compliance & Regulation

ATO raises valuation angst again

ATO Market value SMSF Auditors Valuation

The ATO has expressed its concerns over SMSF asset values that have remained unchanged over multiple income years.

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Compliance & Regulation, LRBA, Property

LRBAs not suitable for vacant land

LBRA vacant land compliance risk development unit trust

SMSF trustees could face a compliance issue should they use an LRBA to purchase vacant land through their fund.

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Compliance & Regulation, Regulation

Consumer compensation scheme in operation

CSLR AFCA Financial services industry Financial complaints

The Compensation Scheme of Last Resort for unpaid monies from AFCA determinations is now operational for consumers to use.

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ATO, Compliance & Regulation, SMSF

A further 149 trustees banned

ATO SMSF trustees Banned and disqualified register Superannuation Industry (Supervision) (SIS) Act

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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ATO, Compliance & Regulation, SMSF

Dob in illegal access advice

ATO Illegal early access Promoters SMSF Superannuation

Superannuants have been asked to report individuals who are encouraging illegal early access of retirement savings balances to the ATO.

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Compliance & Regulation, Contributions

Contributions caps set to rise

AWOTE Contribution caps Non-concessional contributions Concessional contributions Total superannuation balances

Contribution caps will increase from the start of the new financial year, but other related thresholds will see a small decrease, creating potential traps for superannuants.

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ASIC, Compliance & Regulation, SMSF

ASIC acts on suspected fraudulent websites

ASIC SMSF scam Joseph Cullia Zoran Markovic

Two Victorian men have been charged with fraud and dealing with the proceeds of crime after an ASIC investigation into an alleged SMSF scam.

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Administration, Auditing, Compliance & Regulation, SMSF

Many solutions for in-house assets

In-house assets SMSF rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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