News : Compliance & Regulation

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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Compliance & Regulation, SMSF, Superannuation

Foreign transfers limited by timelines

Foreign super fund Transfer Residency Lump sum payment

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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ATO, Compliance & Regulation, SMSF

ATO reveals set-up flags

ATO SMSF review Set-up establishment Insolvency Dishonesty

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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Compliance & Regulation, Legislation

Digital document authorisation approved

Document execution Digital authorisation myGov SMSFA

From the start of this year, individuals now have the option of using two digital methods to execute statutory declarations in addition to a traditional paper-based approach.

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ATO, Compliance & Regulation

More SMSF trustees banned

ATO Trustee disqualification Superannuation Industry (Supervision) (SIS) Act SMSF

The ATO has taken action against a further 223 trustees, bringing the total number of disqualified trustees close to 600 for 2023.

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ATO, Compliance & Regulation, SMSF

Raw diamonds not personal use assets

ATO diamonds SMSF personal use asset collectable

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

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ATO, Compliance & Regulation, Superannuation

Illegal early access to be measured

ATO SMSF illegal early access

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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