News : ATO

ASIC, ATO, Compliance, SMSF

Call to report illegal access advice

Illegal early access SMSFs ATO ASIC Promoters

Superannuants have been asked to report individuals who are encouraging illegal early access of retirement savings balances to the ATO.

read more
ATO, Compliance, financial advice

ATO recovers $30m in tax from advisers

ATO ATO tax avoidance taskforce adviser strategy Financial advisers Tax liabilities

An ATO project set up under the auspices of the Tax Avoidance Taskforce has recouped almost $30 million in overdue liabilities from advisers and advisory firms.

read more
ATO, Compliance, Regulation

ATO bans 149 SMSF trustees

ATO Disqualification SMSF trustees

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

read more
ATO, Compliance, SMSF

SMSF businesses draw SPT focus

SMSF business sole purpose test ATO Accurium Anthony Cullen

Running a business inside an SMSF will attract intense ATO scrutiny to ensure the action does not breach the sole purpose test.

read more
AAT, ATO, Superannuation

AAT case shows foreign transfer difficulty

AAT ATO Foreign transfer Superannuation

Conflicting superannuation and taxation rules between two countries can make foreign super transfers a difficult and complex process.

read more
ATO, Pensions, Tax

Court rejects pension exclusion from TBC

Federal Court defined benefit lifetime pensions excess transfer balance transfer balance cap Stern Commissioner of Taxation

The recipient of two defined benefit pensions has lost a court case to have them excluded from the calculation of his excess transfer balance, failing to prove they were not covered by tax laws.

read more
ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

read more
ATO, Compliance, Superannuation

Illegal early access help sought

ATO Illegal early access Illegal early release Non-lodgement Voluntary disclosure service

Practitioner assistance has been sought by the regulator to help reduce and potentially eliminate the illegal early access of super benefits.

read more
ATO, Compliance, financial advice, SMSF, Superannuation

Early release needs wider examination

SMSF Superannuation Illegal early release Early access CAANZ Chartered Accountants

The early release of superannuation should be addressed by looking at who is providing advice, but also reforming the rules to prevent inappropriate access.

read more
ATO, SMSF, Superannuation

Illegal access nets $637 million

illegal early access superannuation SMSF ATO

An ATO review of illegal early access to superannuation via SMSFs has found an estimated $637 million left the system over a two-year period.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.