News : Compliance & Regulation

Compliance & Regulation, Superannuation

Trustees largely overlook new duty

financial interest duty

Trustees seem to have been slow in adopting measures to document how they are considering complying with the best financial interest duty.

read more
ATO, Compliance & Regulation

ABR updated to allow six-member funds

ABR six member

Updates to the Australian Business Register (ABR) to allow the creation of six-member SMSFs are complete and will replace an interim process offered by the ATO.

read more
Compliance & Regulation

Trustees still struggling with rule changes

SMSF trustees rule changes

SMSF trustees are continuing to seek assistance from financial planners regarding changes to superannuation legislation and regulation changes.

read more
ATO, Compliance & Regulation

New valuation guidelines released

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

read more
Compliance & Regulation

New trustee duty to complicate compliance

Best financial interests SMSF

The trustee duty amendment to the Your Future, Your Super bill recent passed in parliament will make SMSF compliance more difficult with investments in certain conventional asset classes.

read more
Compliance & Regulation

Poor trustee history can close SMSFs

SMST trustee compliance history

The inclusion of a trustee with a poor compliance history can create future problems for an SMSF and lead to the ATO making the fund non-compliant.

read more
ATO, Compliance & Regulation

ATO clarifies penalty stance

ATO SMSF trustee penalties

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

read more
ATO, Compliance & Regulation

Trustee steps to shape penalties

trustee penalties

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

read more
Compliance & Regulation

ATO using compliance to assess trustee incapacity

ATO trustees incapacity

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees as they get older.

read more
Compliance & Regulation, Tax

TPB bans tax agent for SAN fraud

tax agent SAN misuse

A Queensland-based tax agent has been banned for four years following a TPB investigation into SAN misuse.

read more

Copyright © SMS Trustee News 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.