Month

November 2018
ASIC, as co-regulators of SMSF auditors with the ATO, has provided details of its enforcement actions against over 100 SMSF auditors to protect consumers and the integrity of the superannuation system. Whilst the ATO is the one that monitors SMSF auditor compliance, ASIC is regulatory body that investigates any compliance matters that the ATO refers...
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As technology improves, there’s a continual move towards real-time data for enhanced and timely administration of the tax system, particularly in the superannuation sector. The ATO is leveraging this real-time data and event-based reporting to make inroads in ensuring employees receive their full super guarantee (SG) entitlements. In the 2017-18 year, the ATO received 31,000...
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Do you have an ongoing fee arrangement with your financial adviser? If so did you know that by law, they are required to provide you with a Fee Disclosure Statement (FDS) at least every 12 months? The FDS should set out details about the amount of ongoing fees paid, information about the services you were...
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During the recent hearings of the Parliamentary Joint Committee on Corporations and Financial Services into ASIC’s oversight functions, the regulator responded to a range of questions regarding SMSF advice and provided policy solutions to be considered by the Committee around reforms to the SMSF sector. According to ASIC report 575 (SMSFs: improving the quality of...
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