News : ATO

ATO, Compliance

Education directive process confirmed

The ATO has stipulated how it will enforce compliance for trustees who make inadvertent errors and when to escalate that approach.

The ATO has stipulated how it will enforce compliance for trustees who make inadvertent errors and when to escalate that approach.

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ATO, NALI/NALE, Regulation

LCR 2021/2 rulings applauded for now

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

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ATO, NALI/NALE

New NALE guidance still has issues

Updates to NALI guidance from the ATO has been welcomed but more details are still required in regards to key matters.

Updates to NALI guidance from the ATO has been welcomed but more details are still required in regards to key matters.

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ATO, Compliance, Regulation, SMSFA

Audit of ATO oversight welcomed

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

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ATO, Pensions

ATO unlikely to grant pension relief

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

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ATO, SMSF

Warning issued on improper SMSF schemes

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

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ATO, Compliance, Documentation

ATO SAR letters require action

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

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ATO, Downsizer, Superannuation

Downsizer contributions remain steady

The number and size of downsizer contributions into superannuation have remained constant, but more women are taking advantage of the scheme.

The number and size of downsizer contributions into superannuation have remained constant, but more women are taking advantage of the scheme.

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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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