Articles by Jason Spits

ATO, Technology

ATO app updated to prevent scam calls

The ATO has taken additional steps to prevent scam callers impersonating it, making a verification service available via its taxpayer app.

The ATO has taken additional steps to prevent scam callers impersonating it, making a verification service available via its taxpayer app.

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ATO, Death benefits

ATO tightens view on death benefit dependency

A series of ATO private rulings has shown the regulator taking a limited view on who is regarded as a dependant when claiming super death benefits.

A series of ATO private rulings has shown the regulator taking a limited view on who is regarded as a dependant when claiming super death benefits.

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Contributions, Downsizer

Downsizer applies to inherited assets

A house inherited via an estate will be counted as eligible for downsizer contributions, but must be still held for the required 10-year period.

A house inherited via an estate will be counted as eligible for downsizer contributions, but must be still held for the required 10-year period.

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Auditing, Division 296, Superannuation, Tax

No extra auditor duties under Div 296

Auditors will not be required to take on extra responsibilities once the Division 296 tax commences.

Auditors will not be required to take on extra responsibilities once the Division 296 tax commences.

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ATO, Property, Residential Property

ATO issues SMSF scheme warning

The ATO has stated SMSF schemes have key characteristics and features that should act as warning for trustees to avoid them.

The ATO has stated SMSF schemes have key characteristics and features that should act as warning for trustees to avoid them.

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ART, ATO, SMSF

Repayment can’t fix prohibited loan

The ART has ruled that repaying a prohibited loan to a member is insufficient grounds for the ATO to avoid or overturn disciplinary action.

The ART has ruled that repaying a prohibited loan to a member is insufficient grounds for the ATO to avoid or overturn disciplinary action.

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Appointments, Business News

FSC, AFCA make new appointments

Two industry bodies have announced the appointment of senior figures to steer their direction.

Two industry bodies have announced the appointment of senior figures to steer their direction.

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Division 296, Superannuation, Tax

View Division 296 as two-stage event

The application of Division 296 will take place in two stages and operate under two sets of rules that will need to be explained to superannuants.

The application of Division 296 will take place in two stages and operate under two sets of rules that will need to be explained to superannuants.

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Division 296, SMSF, Superannuation, Tax

Division 296 can catch exiting members

Members leaving an SMSF will not escape the reach of Division 296 if the fund passes the $3 million threshold in the same income year they depart.

Members leaving an SMSF will not escape the reach of Division 296 if the fund passes the $3 million threshold in the same income year they depart.

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ATO, Auditing, Documentation

Auditors prompted over evidence

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

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