Privacy Awareness Week day 2 – dealing with unsolicited information
Have you ever found yourself the recipient of personal information without asking for it?
5 May 2015
Have you ever found yourself the recipient of personal information without asking for it?
Does your business have a compliant privacy policy? Are you aware of your obligations under the Privacy Act and the Australian Privacy Principles? Does your business have appropriate processes to manage the handling of personal information?
In Devren Pty Ltd v Old Coach Developments Pty Ltd and Ors [2015] QSC 53, funds payable to a company were paid to other entities in accordance with the direction of Mr Clair, the purported managing director of the company.
On 25 March 2015, the Queensland Supreme Court in Munro v Munro [2015] QSC 61, handed down a decision in which a document that was expressed to be a ‘binding death benefit nomination’ (BDBN) was found to be invalid, allowing the trustees of the SMSF to distribute the deceased’s death benefit other than as set out in the BDBN.
If you haven’t reviewed your privacy policy in the last 12 months, now is the time act or you might face significant penalties.
At the SMSF Association (formerly SPAA) National Conference, being held this week in Melbourne, the ATO has confirmed they are taking a new approach when an Auditor Contravention Report (ACR) is lodged for an SMSF.
The correct tax treatment of income from assets held by the trustee of a trust for an SMSF under a limited recourse borrowing arrangement (LRBA) has been unclear.
1 July 2014 saw the commencement of the new administrative penalty regime, introduced to give the ATO options for trustees who breach the Superannuation Industry (Supervision) Act 1993 that are not as extreme as making the SMSF non-complying.
On 15 December 2014 the ATO finally published its formal view in ATO IDs 2014/39 and 2014/40 on interest-free (0%) or low rate loans to self-managed superannuation funds (SMSFs) from related parties for limited recourse borrowing arrangements (LRBAs) and whether that gives rise to non-arm’s length income in the SMSF.
A transitional security interest is an arrangement or transaction that commenced prior to 30 January 2012 and, if it had commenced after 30 January 2012, it would have created a security interest under the PPSA.
We understand the ATO is preparing to issue section 264 notices to some accountants, requiring the production of documents relating to dividend access shares.
Self-managed superannuation fund administrators, planners and accountants should be aware that the rules to calculate the components of a superannuation death benefit where a person receiving a non-reversionary pension dies have been amended by the Income Tax Assessment Amendment (Superannuation Measures No 1) Regulation 2013. The new rules are effective from 3 June 2013.