News : ATO

ATO, Compliance, Contributions

Take action on excess contributions

ATO Non-concessional contributions Excess concessional contribution Contribution caps

Trustees making a concessional contribution over the cap limit could face tax and compliance issues if they take no action to withdraw it from the fund.

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Administration, ATO, SMSF, Tax

Confusion over education deductions

Education expenses Deduction ATO Taxation ruling

SMSF trustees are still attempting to claim certain education expenses as deductions despite recent ATO guidance on the matter.

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ATO, Crypto Assets

SMSF crypto losses raise alarm

ATO SMSF Cryptocurrencies digital assets losses scams

The ATO has warned SMSF trustees to remain vigilant and consult professional advice when investing in cryptocurrencies after witnessing ongoing losses by funds holding them.

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Administration, ATO, SMSF

ATO changes trustee messages

ATO SMS SMSF remove hyperlinks

The ATO has notified SMSF trustees it has changed the content of its SMS text alerts in order to prevent scams.

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ATO, Tax

ATO confirms TSB for Div 296 tax

ATO Total superannuation balance Division 296 NALE CGT Transfer balance cap

The redefinition of a person’s total super balance as to the implementation of the $3 million soft cap has been confirmed by the ATO.

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ATO, Auditing

Valuations more important than ever

Property Valuation Auditors Market value Unrealised capital gains ATO Shares Loans

Asset valuations have taken on even greater importance for the end of this income year given the ATO’s current compliance focus.

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Administration, ATO, SMSF

Extended wind-up window effective

SMSF Wind-up ATO ABN

SMSF wind-ups have become simpler due to an ATO decision to extend the timeframe for cancelling an Australian business number from 14 to 28 days.

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ATO, Superannuation, Tax

Cashing out contribution not tax avoidance

Superannuation Personal contributions Tax deductions Tax avoidance Part IVA SuperCentral Michael Hallinan ATO Private ruling

Super fund members can cash out a contribution on which they have made a deduction, but should show evidence they are not doing so to sidestep tax.

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ATO, Compliance, SMSF

ATO issues illegal access fact sheet

ATO SMSF Illegal early access Illegal early release Fact sheet

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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