News : ATO

ATO, Pensions

Minimum payment discretion caution

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

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ATO, Auditing, Compliance, Cryptocurrency, Investments

Crypto valuation reference changed

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

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ATO, SMSF, SMSFA

Demographic sector shift continues

The SMSF sector has continued to expand, with ATO statistics showing the shift to younger member establishments continuing.

The SMSF sector has continued to expand, with ATO statistics showing the shift to younger member establishments continuing.

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ATO, Auditing, Compliance

Lost declaration treatment clarified

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

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ATO, Compliance, Documentation

ATO focused on late returns, early access

SMSFs with outstanding annual returns will come under greater scrutiny from the ATO, which is concerned by a rise in late lodgements.

SMSFs with outstanding annual returns will come under greater scrutiny from the ATO, which is concerned by a rise in late lodgements.

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ATO, Compliance, Superannuation

Compassionate release warning welcomed

ATO warnings about misusing early access to super for medical procedures must be backed by bans on advertising and the involvement of third-party promoters.

ATO warnings about misusing early access to super for medical procedures must be backed by bans on advertising and the involvement of third-party promoters.

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ATO, Division 296, Legislation, Tax

Taxpayer will get Div 296 notification

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

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ATO, Auditing

ATO refers 41 auditors to ASIC

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor review, ASIC, compliance, audit evidence, independence requirements, auditor contravention report lodgements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

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