News : Compliance & Regulation

Trustee steps to shape penalties

October 23, 2020

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

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Compliance & Regulation

ATO using compliance to assess trustee incapacity

July 31, 2020

Darin Tyson-Chan

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

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Compliance & Regulation, Tax

TPB bans tax agent for SAN fraud

July 31, 2020

Tharshini Ashokan

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

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Compliance & Regulation

No charge for AFCA complaints

July 3, 2020

Darin Tyson-Chan

Consumers have been reminded they do not need to pay a fee to lodge a complaint with the Australian Financial Complaints Authority.

Early access problems explained

May 22, 2020

Jason Spits

SMSFs unable to secure early access to their funds are likely to have outstanding returns, according to the ATO.

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ATO, Compliance & Regulation

A new break for LRBAs

April 24, 2020

Darin Tyson-Chan

SMSF trustees may soon have more ways to structure limited recourse borrowing arrangements without breaching the Superannuation Industry (Supervision) Act due to a new ATO legislative instrument.

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ATO, Compliance & Regulation

ATO rent relief stance announced

April 9, 2020

Tharshini Ashokan

The ATO has confirmed it will not take action against SMSFs providing tenants with rent reductions due to the impact of COVID-19.

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ATO, Compliance & Regulation

ATO issues in-house asset directive

April 9, 2020

Darin Tyson-Chan

The ATO has provided SMSF trustees with a course of action should a fund be in breach of the in-house assets rules due to COVID-19-driven market downturns.

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Compliance & Regulation

TBC indexation determined in January

January 9, 2020

Darin Tyson-Chan

Superannuants will know in late January whether indexation will be applied to the transfer balance cap from 1 July 2020.

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ATO, Compliance & Regulation

Admin penalty stance tougher

December 10, 2019

Darin Tyson-Chan

The ATO experienced a $1.4 million increase in administration penalties collected in the 2019 financial year, according to the regulator’s most up-to-date data.

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