News : ATO

ATO, Pensions

Lag in ATO general TBC records

People looking to commence a pension after 1 July need to aware the ATO will not be immediately adjusting its records to reflect the TBC indexation.

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ATO, Pensions

TR 2013/5 upgrade means more red tape

The update to Taxation Ruling 2013/5 will create noticeably more administrative work for trustees who fail to meet the minimum pension payment standards.

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ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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ATO, Pensions

ATO releases legacy pension guidance

self managed super, self managed superannuation, SMSF, ATO, commutation, legacy pensions, reserve allocations, SMSF Association, lifetime pension, life expectancy pension, market-linked pension, amnesty, guidance

New guidance from the ATO on commuting legacy pensions has been welcomed, but the SMSF Association says more detail is required.

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ATO, Regulation, Superannuation, Trusts

High Court can hear Bendel appeal

self managed super, self managed superannuation, SMSF, ATO, High Court appeal, unpaid present entitlements, UPE, Federal Court, Commissioner of Taxation v Bendel, unit trusts, loans, Division 7A, financial accommodation

The High Court has granted leave for the ATO to appeal the Bendel case decision related to the treatment of unpaid present entitlements.

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ATO, Death benefits

Six-month death benefit guidance removed

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, death benefit payments, cashing, SIS Regulation 6.21(1), QC 42934, six months, Shelley Banton, ASF Audits, QC 45254, exempt current pension income, ECPI

The ATO has amended the rules regarding the acceptable timeframe in which trustees can implement when making death benefit payments.

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ATO, Pensions

Gap to occur in TBC updates

SMSF, self managed super, ATO, personal transfer balance caps, general transfer balance cap, transfer balance caps, TBC, indexation, pension, limited recourse borrowing arrangement, excess transfer balance, determination, commutation authority, ATO online services

The increase in personal transfer balance caps reported by the ATO will be delayed after the general cap rises but it will not issue determinations until an update is complete.

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ATO, Auditing, Compliance

Audit guidance reissued by ATO

SMSF, self managed super, audit, SMSF auditors, guidance, ATO, Part B, SIS Act, SIS Regulations, SMSF trustees, auditor contravention report, ACR

The ATO has released a lengthy guide on what it expects SMSF auditors to consider, noting these requirements are its minimum expectations.

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ATO, Compliance

Trustee disqualifications track downwards

SMSF, self managed super, ATO, disqualifications, SMSF trustees, Disqualified Trustee Register, Federal Register of Legislation, SMSF Association, non-compliance, superannuation laws

New ATO figures have shown the number of SMSF trustees disqualified this financial year is tracking to be lower than the previous 12 months.

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ATO, Cryptocurrency, Investments

ATO issues crypto warning

SMSF, self managed super, ATO, crypto-assets, SMSF trustees, crypto-investments, SMSF sector statistics, crypto-wallets

With SMSFs investing an increasing amount in crypto-assets, the ATO has issued a warning and some guidelines.

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