News : ATO

ATO, fraud, Superannuation

ATO flags adviser role in illegal access

The ATO’s estimate of funds being illegally accessed from SMSFs has fallen, but it has identified advice telling people how to hide this behaviour using loans to members.

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ATO, Compliance

Compliance focus reflected in ATO data

ATO statistics, SMSF compliance, SMSF trustee contraventions, market valuations, Smarter SMSF, Tim Miller, arm’s-length transactions, loans to members, provision of financial assistance, separation of assets

The latest ATO statistics published about the sector reflect the regulator’s emphasis on certain compliance areas in the past few years.

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ATO, Tax

Government’s super changes need stopping

superannuation legislation, taxing of unrealised capital gains, $3 million super tax, Division 296 tax, farmers, total superannuation balance, Naz Randeria, Reliance Auditing Services.

Changes to superannuation legislation should be a key election issue as the government’s proposed changes will impact future generations.

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ATO

Ready market vital to asset suitability

ATO, asset, market valuation, Smarter SMSF, valuation guidelines, Tim Miller, SuperGuardian, trustee obligations, sole purpose test

ATO guidelines have stipulated an asset that does not have a ready market where it can be easily valued may not be appropriate for an SMSF to hold.

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ART, ASIC, ATO, Auditing, Regulation

Adviser and auditor banned

Financial Services and Credit Panel, FSCP, SMSF auditor, ASIC, Administrative Review Tribunal, ART, Glenn Paul Meilak, Terence Murphy

Two separate actions have led to an SMSF adviser and a qualified auditor being banned from practising for failing to maintain the standards expected of them.

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ATO, Auditing, SMSF

Auditor numbers looking healthier

SMSF auditors

The number of registered auditors in the SMSF industry has improved after several years of depletion that affected this cohort.

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ATO, Investments, SMSF

SMSF sector returns exceed 10 per cent

ATO SMSF SMSF sector statistical overview return on assets fund balances earnings returns

Returns across the SMSF sector were above 10 per cent during the 2023 financial year, reinforcing its competitiveness with APRA-regulated funds.

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ATO, Auditing

ACR threshold under continued review

SMSF Self-managed superannuation ATO Paul Delahunty auditor contravention report ACR Threshold

The ATO has considered the appropriateness of the $30,000 test in relation to the lodgement of an ACR and will continue to do so in the future.

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