Stay updated with breaking news from Technical Strategy. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
When an SMSF pays out a limited recourse borrowing arrangement, funds will need to ensure it can take the correct steps in the aftermath especially around managing happens to the bare trust to ensure a smooth finalisation process.
Since 1 October 2021, new reporting obligations have been implemented for AFS licensees which will require advisers to navigate several compliance hurdles to avoid non-compliance with ASIC, according to a law firm.
With the new SuperStream requirements in place, SMSFs making rollovers can face challenges to meet the new timeframes when considering reporting and transactional aspects of the fund, with greater management needed to ensure funds don’t face non-compliance from uncertain risks.
Current Australian directors or corporate trustees in an SMSF will now have one year to apply for their unique director identification number before fines of over $1.1 million kick in for non-compliance.
Sydney-based technology company Nod has announced that it has invented a new kind of software to help financial planners create efficiencies, uphold their compliance obligations, and manage their practices.