Key ATO and ASIC Updates – July 2025
The Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) have released several key updates this month. From trustee declaration compliance and TBAR reporting deadlines to changes in breach reporting obligations and the launch of an ASX inquiry, these developments are essential for auditors, licensees, and financial professionals alike. Here’s a quick overview of what’s new.
How to verify compliance with trustee declarations
Tips to help SMSF auditors meet trustee declaration requirements and avoid compliance issues.
As part of the annual compliance audit, SMSF auditors must confirm that trustees have properly signed and stored their trustee declarations. Auditors must verify this for anyone who:
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became a trustee or director of a corporate trustee after 30 June 2007, or
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completed an education direction.
Trustees must keep their signed declarations for as long as the declaration remains relevant to the fund or 10 years – whichever period is longer. A declaration remains relevant while the individual serves as a trustee or director of the fund’s corporate trustee.
Auditors can confirm trustee declarations are signed and stored correctly by:
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sighting a signed trustee declaration for each person required to sign one and keeping a copy in the audit file, and
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receiving written confirmation from trustees that they have signed and stored the declarations in line with record keeping requirements.
Some auditors miss checking whether trustees have signed and kept declarations as required under section 104A of the Superannuation Industry (Supervision) Act 1993 and this mistake can lead to compliance action.
Compliance audit of an SMSF has further information on the ATO’s expectations of auditors when conducting the compliance audit.
TBAR for June quarter due 28 July
If your SMSF had transfer balance account events in the June quarter you must lodge a TBAR by 28 July 2025.
All Self-Managed Super Funds (SMSFs) must report relevant Transfer Balance Account (TBA) events using Transfer Balance Account Report (TBAR). All events must be reported regardless of the member’s total superannuation balance.
TBARs for the June quarter are due by 28 July. If no TBA event occurred during the quarter, no lodgment is required.
You should refer to event-based reporting for SMSFs and TBAR instructions when preparing your TBAR.
If your SMSF does not lodge a TBAR by the due date, it may result in compliance action and penalties and could also negatively impact the member’s transfer balance account.
The easiest way to lodge is through Online services for business. Your tax agent can also lodge on your behalf.
ASIC appoints expert panel for ASX inquiry
ASIC has announced it has appointed 3 panel members to conduct its Inquiry into Australian Securities Exchange (ASX) group.
- Chair: Rob Whitfield
- Panel member: Christine Holman and
- Panel member: Guy Debelle
The Inquiry panel will be asked to make recommendations to address any identified shortcomings or deficiencies in relation to governance, capability and risk management within ASX group.
The Inquiry panel will provide a report to ASIC by 31 March 2026 which will inform the next steps ASIC may take. ASIC will make this report public.
ASIC gives further relief for licensees under the reportable situations regime
ASIC has provided Australian financial services and credit licensees additional targeted relief under the reportable situations regime in response to feedback from industry. ASIC Corporations and Credit (Amendment) Instrument 2025/289 (the “Amending Instrument”) has been registered and amends ASIC Corporations and Credit (Breach Reporting-Reportable Situations) Instrument 2024/620 (the “Principal Instrument”) to:
- Exempt industry from reporting breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties;
- Extend the length of investigations that are reportable to ASIC from 30 days to 60 days; and
- Clarifies that a report is taken to be lodged with ASIC, if a licensee has submitted a breach report to APRA that contains all the information APRA has requested.
Date of effect: 27 June 2025
Source: Australian Taxation Office and Institute of Public Accountants
Need help navigating these updates?
Keeping up with ATO and ASIC updates is essential for effective financial management and regulatory compliance. Whether you’re reviewing trustee obligations, meeting reporting deadlines, or adjusting to new licensing requirements, these insights provide practical guidance to help you stay informed, compliant, and confident in your professional responsibilities.
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