News : Regulation

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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Regulation, Superannuation

Super objective bill released

Objective of superannuation draft legislation

Treasury has released a draft exposure bill outlining the objective of the superannuation system, which will include a requirement for future policies to show how they align with the objective.

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Investments, Regulation, Tax

ASA welcomes franking credit decision

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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Regulation, Superannuation, Tax

Govt adamant about super tax elements

Superannuation earnings tax

The superannuation earnings tax is all but locked in and highly unlikely to change, with officials stating key aspects were non-negotiable.

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Investments, Regulation

MIS regulations to be reviewed

After being introduced over 20 years ago, the regulatory framework for managed investment schemes will be reviewed this year.

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Regulation

Consumer protection being bolstered

CSLR bills

The compensation scheme of last resort (CSLR) is closer to being operation with bill establishing it tabled in parliament this week.

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