News : Compliance & Regulation

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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Administration, Compliance & Regulation, Payday Super, Superannuation

Clarification sought for Payday Super

One aspect regarding the administration of SMSFs with reference to the new Payday Super regime requires more detail as to how it will operate.

One aspect regarding the administration of SMSFs with reference to the new Payday Super regime requires more detail as to how it will operate.

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Compliance & Regulation, Division 296, Legislation, Tax

Div 296 regulations released

Draft regulations that will work in conjunction with the Division 296 tax legislation have been released with industry consultation being sought.

Draft regulations that will work in conjunction with the Division 296 tax legislation have been released with industry consultation being sought.

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ASIC, Compliance & Regulation

Complaints data dashboard launched

ASIC has provided consumers with a new facility whereby they will be able to gain insight into complaints against financial services firms.

ASIC has provided consumers with a new facility whereby they will be able to gain insight into complaints against financial services firms.

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Compliance & Regulation, Division 296, Legislation, Tax

Actuarial certificates gain significance

Actuarial certificates will play a key role in determining how much SMSF members will pay under the Division 296 tax.

Actuarial certificates will play a key role in determining how much SMSF members will pay under the Division 296 tax.

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ATO, Compliance & Regulation, Contributions, Superannuation

myGov cannot be sole information source

Super fund members should not completely rely on the myGov concessional contributions data if the carry-forward rules have been used.

Super fund members should not completely rely on the myGov concessional contributions data if the carry-forward rules have been used.

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Compliance & Regulation, Direct Property, Legislation, Regulation

BRP goes beyond simple commercial use

An element of commercial use relating to an SMSF real estate asset does not mean it will automatically be considered business real property.

An element of commercial use relating to an SMSF real estate asset does not mean it will automatically be considered business real property.

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Compliance & Regulation, Death Benefits, Division 296, Legislation, Tax

Death pensions impact Div 296 instantly

Death pension beneficiaries will have the value of that income stream included in their total super balance immediately for Division 296 purposes.

Death pension beneficiaries will have the value of that income stream included in their total super balance immediately for Division 296 purposes.

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ATO, Compliance & Regulation, Legislation

ATO worried about prohibited loans

The ATO has revealed a noticeable rise in prohibited loans being issued from SMSFs to other parties is causing it great concern.

The ATO has revealed a noticeable rise in prohibited loans being issued from SMSFs to other parties is causing it great concern.

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