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Trust account reporting legislation
Various industries within Australia hold or receive money on behalf of others. The entities operating within these industries, are required to open and manage a separate trust/client bank account under the relevant legislation, based on their industry. In order to...
Key changes to the 2019 SMSF tax return
The Australian Tax Office (ATO) has made a number of key changes to the Self-managed superannuation fund 2019 annual return to facilitate the superannuation reforms that came into effect on 1 July 2018. The four changes across 3 sections of the return are highlighted...
AFSL – What are my obligations to report breaches to ASIC?
As an Australian Financial Services (‘AFS’) licensee, you are required under s.912D of the Corporations Act 2001 (‘the Act’) to give ASIC written notification of a breach (or likely breach). This correspondence is expected to occur within 10 business days of becoming...
Accessing super on compassionate grounds
Access to superannuation prior to retirement may be allowed in circumstances where an individual is considered to be in severe financial hardship or there are strong compassionate grounds for early release. In order to access superannuation through severe financial...