Tag Archives: ASIC

SBSCH and SMSF bank account validation

With the year-on-year growth in the number of SMSFs in Australia, the ATO is finally rolling out a extra security feature for SMSFs that use the Small Business Superannuation Clearing House (SBSCH) in terms of bank account validation.  Briefly, the SBSCH is a free, online superannuation payments service that small businesses can...
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No super, No Life!

I was travelling in Japan on a family holiday recently and browsing a stationary store came across a number of pictures with the caption “No Super, No Life”. This is probably more relevant in Japan where the annual basic aged pension is approximately ¥950000...
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New ASIC enforcement priorities 2024

With the end of the year fast approaching, ASIC has announced its enforcement priorities for 2024. While ASIC’s enduring priorities of market integrity, protecting financially vulnerable consumers, investigating misconduct impacting first nations people, investigating and preventing systemic failures and new or emerging conduct risks within the financial system continues to persist into 2024,...
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ASIC: super trustees need to step up efforts

In recent media releases, ASIC has called on superannuation trustees to step up efforts in the areas of appropriately dealing with members money, and consolidating duplicate member accounts. The calls follow 2 ASIC reviews which identified either poor trustee practices or deficiencies in these areas. “We expect all trustees to closely review their...
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