News : Compliance & Regulation

Compliance & Regulation, Superannuation

Outlet for restricted non-preserved benefits

Restricted non-preserved superannuation benefits

A fairly straightforward process can be used to allow individuals with restricted non-preserved superannuation benefits to access these assets.

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ATO, Compliance & Regulation, LRBA, NALI/NALE, Superannuation

ATO issues scheme warning

ATO early release scheme

The ATO has warned SMSF members to avoid early release and tax avoidance schemes noting many of these are related to property and lending within a fund.

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ASIC, Compliance & Regulation, SMSF

Unlicensed property scheme shut down

SMSF property scheme

The Federal Court has ordered an unlicensed SMSF investment scheme to be wound up and a lifetime ban from managing corporations for one of its directors.

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ATO, Compliance & Regulation

ATO watching non-lodgement behaviour

ATO non-lodgement

New SMSFs are failing to lodge annual returns and abide by their taxation obligations, drawing the attention of the ATO.

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ATO, Compliance & Regulation, SMSF

Fund wind-up timeframe extended

SMSF wind-up timeframe

The timeframe open for trustees to finalise the closing of an SMSF after the lodging of the final annual return has been extended.

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ATO, Compliance & Regulation, Contributions

Rounding can compromise compliance

Contribution rounding

The application of rounding when reporting contributions can inadvertently lead to very tough compliance penalties for SMSF trustees.

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ATO, Compliance & Regulation

New compliance guidance imminent

SMSF compliance guidance

New compliance guidance materials are being formulated by the ATO, one of which marks a change in approach with education directions.

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BDBN, Compliance & Regulation

Digital approvals increase BDBN risk

Digital BDBN authorisation

Executing a binding death benefit nomination is legally allowable, but exposes SMSF trustees to a significantly higher level of risk

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Compliance & Regulation

Trustee disqualifications increase

SMSF trustees disqualified

The ATO has disqualified 130 people from acting as SMSF trustees in the last quarter after removing twice that number in the previous quarter.

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ATO, Compliance & Regulation

Warning over asset protection schemes

asset protection schemes

The ATO has warned SMSF trustees to avoid using schemes that offer to protect assets within their fund via the use of an external trust.

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