News : Compliance & Regulation

Compliance & Regulation, Pensions, SMSF

Penalties severe for TRIS payment errors

TRIS Retirement-phase pension Maximum drawdown Minimum drawdown ECPI

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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Administration, Compliance & Regulation, SMSF

Retirement work hours applied strictly

SMSF Definition of retirement Work hours self-managed super

The maximum number of hours associated with retirement status is an unwavering measure applied per week and not over a longer period of time.

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BDBN, Compliance & Regulation, Pensions

Death option choice not needed

BDBN Reversionary pension

Trustees do not have to choose between implementing a BDBN or reversionary pension to achieve their desired estate planning outcomes.

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Compliance & Regulation, Investments

Wholesale investor test requires revision

Wholesale investor AWOTE Joint bodies

Any increase to the wholesale investor tests must include indexation to keep them current, but accountants’ certificates should be removed as they are no longer fit for purpose.

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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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