News : ATO

ATO

No ATO discretion for illegal drawdowns

Illegal early access, ATO, ASF Audits, Shelley Banton, tax, Practice Statement Law Administration, PSLA,

The ATO’s treatment of illegal SMSF withdrawals trustees have attempted to pay back has not changed, regardless of PSLA 2021/D3’s status.

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ATO, SMSF, Tax

Check entitlement with CSLR payments

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

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ATO, SMSF, Superannuation

Merchant Part IVA appeal dismissed

The founder of Billabong has been unsuccessful in overturning a ruling he breached the Part IVA rules in regards to share acquisitions carried out by his SMSF.

The founder of Billabong has been unsuccessful in overturning a ruling he breached the Part IVA rules in regards to share acquisitions carried out by his SMSF.

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ATO, Tax, Trusts

ATO steadfast on UPEs post-Bendel

unpaid present entitlements, UPE, ATO, Louise Clarke, Bendel,

The ATO will not change its stance on the treatment of unpaid present entitlements from unit trusts while waiting on an appeal against the ruling delivered in the Bendel case.

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ATO, SMSF

ATO urges SMSFs to go paperless

SMSF trustees have been encouraged to lodge activity statements using the ATO’s paperless, online system, which gives them more time to submit documents.

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ATO, SMSF, Superannuation, Tax

Tax agents must review SMSF skills

ATO, The Auditors Institute, Deloitte, SMSF, Liz Westover,

Tax agents who do small numbers of SMSF returns may want to reconsider if they have retained the skills and experience to continue this work.

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ATO, Auditing

Auditors urged to check SAN misuse

SMSF auditors should be checking if their details have been misused with the ATO noting few have accessed its online information service over the past year.

SMSF auditors should be checking if their details have been misused, with the ATO noting few have accessed its online information service over the past year.

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ATO, Regulation, SMSF, Superannuation

Payday super tweak needed for SMSFs

Institute of Financial Professionals Australia, IFP, Natasha Panagis, ATO, payday superannuation payments, Treasury,

Consideration will need to be given to the status of SMSFs under any payday super regime to ensure employer contributions can go to a fund that is temporarily unable to receive them.

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ATO, NALI/NALE, Regulation, SMSF, Superannuation

No ATO guidance to define breaches

Illegal early access, ATO, SMSF Association National Conference 2025, Emma Rosenzweig, NALI, non-arms-length income,

The ATO has stipulated illegal early access of super benefits and SMSF loans to members do not warrant guidance as both are compliance breaches.

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ATO, Tax

Acting on Bendel case unwise

Unpaid present entitlement, UPE, Bendel, Shelley Banton, ATO, auditor,

SMSF trustees have been told to resist acting on a recent court decision with regard to an unpaid present entitlement from a unit trust.

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