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Search ResultsShowing 1 - 10 of 92 results for "SIS Act"
APRA advises funds to review ownership structures
ELIZA BAVIN  |  FRIDAY, 16 OCT 2020
... obtain APRA's approval before owning a controlling stake in an RSE licensee is a strict liability offence under of the SIS Act which may attract severe penalties. "The purpose of this letter is to remind RSE licensees of the requirement to seek approval ...
Trustees cutting corners: Rowell
KARREN VERGARA  |  FRIDAY, 2 OCT 2020
... their choice product assessments. This will also assist the trustee to satisfy the publication requirements under the SIS Act," she said. Trustees are also ignoring several factors that are critical in conducting the outcomes assessment. Some are using ...
SMSF member increase bill reintroduced
ANNABELLE DICKSON  |  THURSDAY, 3 SEP 2020
... of self-managed superannuation (SMSF) members from four to six has been reintroduced in the Senate. The bill amends the SIS Act, Corporations Act, ITAA 1997 and Superannuation (Unclaimed Money and Lost Members) Act 1999 and allows larger families to ...
ASIC cracks down on 42 SMSF auditors
ALLY SELBY  |  THURSDAY, 20 AUG 2020
... pointing to the auditors' relevant non-SMSF experience and personal circumstances to justify the move. Since July 2013, the SIS Act has required all SMSF auditors to be registered with ASIC to ensure they meet base standards of competency and expertise. ...
Sole purpose test poses SMSF rent relief issue
ELIZABETH MCARTHUR  |  TUESDAY, 26 MAY 2020
... provide rent relief for struggling tenants. The prohibition against providing financial accommodation (section 65 of the SIS Act), the prohibition against dealing on a non-arm's length basis (section 109 of the SIS Act) and the in-house asset rules (Part ...
No change of mind for ERS
ELIZA BAVIN  |  THURSDAY, 7 MAY 2020
... basis of a determination that is later revoked by the ATO, APRA's view is that no breach of the payment standards in the SIS Act and Regulations will have occurred," the ATO said. "However, where a trustee makes a payment after a determination has already ...
Hume calls for diversity in super fund mergers
HARRISON WORLEY  |  TUESDAY, 31 MAR 2020
... prevent members accessing their money promptly, APRA's directions powers - especially sections 131D and 133 of the SIS Act, updated last year by the Parliament - gives APRA new teeth that may well be tested," she said. "For those who say 'We ...
Lack of independence must be made clear: ASIC
ELIZA BAVIN  |  TUESDAY, 10 MAR 2020
... entity without "express written authority" to the entity that controls the account. ASIC also recommended changes to the SIS Act for superannuation trustees, following the recommendations from the Royal Commission that advice fees from super choice accounts ...
SMSF auditors in firing line
ELIZA BAVIN  |  FRIDAY, 14 FEB 2020
... exam. ASIC praised the Australian Taxation Office for its assistance under the Superannuation Industry (Supervision) Act (SIS Act). "ASIC and the ATO work closely together as co-regulators of SMSF auditors," ASIC said. "The ATO monitors SMSF auditor ...
Frydenberg takes RC super advice
HARRISON WORLEY  |  FRIDAY, 31 JAN 2020
... ASIC's roles in relation to superannuation, and provide ASIC with joint responsibility for enforceable provisions in the SIS Act. "Through our actions today and over the past 12 months since the final report was released, the government has implemented ...
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