News : ATO

ATO, Contributions, Tax

Contributions deduction error fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF Self-managed super auditor contravention report ACR Accurium Anthony Cullem Seamless SMSF Frank La Spada compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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ATO, Documentation

ATO quantifies 2023 SAR non-lodgement

The number of SMSFs that have not lodged an annual return for the 2023 income year is cause for concern with the ATO stating the problem is increasing in size.

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Appointments, ATO

New SMSF assistant commissioner appointed

The ATO has named the senior staffer who will oversee the SMSF sector and replace Justin Micale, who has moved to another role within the regulator.

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ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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ATO, Auditing, Compliance

Static asset values can be legitimate

There can be legitimate reasons as to why an SMSF asset has not changed in value over several years, but auditors must document their presence.

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ATO, Auditing

SMSF auditor independence targeted

Recent action against SMSF auditors clearly indicates regulators are enforcing the independence standards for the betterment of the sector.

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ATO, Compliance

Trustee non-compliance increasing

Auditor contravention reports lodged with the ATO have shown a jump in non-compliance among SMSF trustees over recent years.

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