ASIC News: October Newsroom Updates
Licence Cancellations: ASIC cancelled two Australian financial services and 11 Australian credit licences due to failures in obligations, including maintaining membership with the Australian Financial Complaints Authority, lodging certificates, and paying levies. Licence retention requires ongoing financial services or credit activities.
Licencing Update Report: ASIC issued Report 797 with updates to licencing processes for credit and financial services licence holders, covering emerging issues like cryptocurrency, payment systems, and Buy Now Pay Later services.
Adviser Ban: ASIC banned John Hazell, former authorised representative of Richmond Partners Pty Ltd, from providing financial services for two years due to misleading statements to retain registration.
Ferratum Australia Licence Cancellation: ASIC cancelled Ferratum Australia Pty Ltd’s licence following an unpaid AFCA determination. The Compensation Scheme of Last Resort compensated the complainant, marking ASIC’s first licence cancellation after such a payment.
Liquidators Appointed: The Federal Court ordered the winding up of Global Capital Property Fund Ltd, appointing liquidators. ASIC’s investigation into related entities continues.
Charges Dismissed: Brisbane Magistrate’s Court dismissed charges against former Macquarie financial adviser Warren Scott Acworth.
SMSF members’ Total Super Balance in ATO Online Services
Find out why it’s important to lodge your Accumulation or Retirement Phase Values correctly in the SMSF Annual Return.
Accumulation Phase Value (APV) or Retirement Phase Value (RPV) must be lodged on the SMSF Annual Return at X1 and X2 fields (Member Information). Otherwise, members may not see an accurate figure when viewing Total Super Balance (TSB) in ATO online services.
If your TSB amount isn’t accurate in ATO online, check your SMSF Annual Return to see if all fields were completed.
A zero TSB amount displayed could mean:
- The ATO don’t have any information for the financial year
- The amounts reported to the ATO by your fund(s) for TSB purposes don’t equal the account balance reported on your annual statement
- A fund has reported the APV as a different or zero amount.
Source: Australian Taxation Office & Institute of Public Accountants
