News : Compliance & Regulation

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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Compliance & Regulation, Documentation

Avoid trustee company deregistration

corporate trustee deregistered

SMSFs face several adverse consequences should a fund’s corporate trustee directors allow the company in question to be deregistered by ASIC.

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ATO, Compliance & Regulation

ATO imposes $3.4 million in fines

ATO SMSF penalties

Administrative penalties imposed on SMSF trustees by the ATO raised $3.4 million for the regulator in the 2022 income year.

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ATO, Compliance & Regulation

Two penalty unit rises in 2023

penalty units increase

The planned increase in penalty units in the budget is aimed at offsetting bad debts and will be one of two rises planned for next year.

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Compliance & Regulation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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Compliance & Regulation

Regulator bans 250 trustees

SMSF trustees disqualified

More than 160 SMSF trustees were disqualified in the second half of the last financial year, with over 250 disqualified across the whole year.

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Compliance & Regulation, Residential Property

Statement of intent a concern

Statement intent sole purpose

Simple SMSF asset purchases can lead to sole purpose test breaches if members communicate reasons for the transaction to their adviser.

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Compliance & Regulation

Compliance focus on TBAR now possible

TBAR Compliance

The implementation of one timeframe for lodging a transfer balance account report could lead to ATO compliance activity not yet witnessed.

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