News : Regulation

ASIC, ATO, Auditing, Regulation

More SMSF auditors sanctioned

ASIC, SMSF auditor, Australian Securities and Investments Commission, ATO,

ASIC has cracked down on 17 SMSF auditors who failed to meet their compliance obligations, banning some and imposing various disciplinary measures on others.

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Regulation, SMSF, Superannuation

SMSFs outperform industry rivals

Australian Prudential Regulation Authority, APRA, SMSF Association, University of Adelaide’s International Centre for Financial Services, ICFS, BGL Corporate Solutions, Class,  SuperMate, Dr George Mihaylov,

New research has found SMSFs outperformed APRA-regulated funds over a five-year period and balances continue to shape individual returns.

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Legislation, Regulation, Tax

Govt’s $3m cap claims countered

Division 296 Jim Chalmers Peter Burgess SMSF Association

The SMSF Association has rejected the latest justification Treasurer Jim Chalmers has made regarding contentious elements of the Division 296 tax.

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ATO, Regulation

Related-party loan angst detailed

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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NALI/NALE, Regulation, Tax

NALI tax allocation has flexibility

NALI Tax penalty SIS Regulations Accurium Mark Ellem Anthony Cullen

SMSF trustees cannot rely on the SIS Regulations to determine whether a NALI liability has to be allocated to a particular superannuation interest.

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Regulation, SMSF

Residency rules misunderstood

Residency SMSF Central management and control test

SMSF trustees faced with spending time overseas are not properly adhering to the procedures regarding the central management and control rules.

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NALI/NALE, Regulation

NALI can taint all capital gains

NALI Non-arm's-length income TD 2024/5 Capital gains tax CGT

An example included in TD 2024/5 has shown how the NALI provisions can affect all SMSF capital gains realised in a particular income year.

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Legislation, LRBA, Regulation

LRBAs forcefully defended

SMSF Association LRBA Division 296 tax Greens self-managed super limited recourse borrowing arrangements

The ability for SMSFs to use limited recourse borrowing arrangements has been defended amid renewed calls from some politicians to ban them.

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ASIC, Regulation

SMSF fees see Macquarie fined

ASIC Macquarie Bank SMSF Ross Andrew Hopkins Cash management accounts

Macquarie Bank has been ordered to pay $10 million in fines after failing to prevent unauthorised fee transactions from its clients’ SMSF accounts by a third party.

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Compliance & Regulation, Regulation

Consumer compensation scheme in operation

CSLR AFCA Financial services industry Financial complaints

The Compensation Scheme of Last Resort for unpaid monies from AFCA determinations is now operational for consumers to use.

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