News : ATO

ATO, SMSF

Jump in number of new SMSFs

Established SMSFs SMSF asset allocation SMSF quarterly statistical report September 2023

The September quarter saw the highest number of net SMSFs registered with the ATO in five years, with wind-ups falling to historical lows.

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ATO, Compliance

ATO can act on trustee impasse

Disqualified trustees ATO Acting trustee SIS act

SMSFs at an impasse due to no trustee willing to take action can ask the ATO to step in to appoint someone to manage the fund.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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Administration, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

Uncertainty over a key tax ruling has raised concerns regarding how the ATO and the tax commissioner might handle cases of illegal fund access by an SMSF.

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ATO, Superannuation

No compassionate release shortcut

SMSF accessing superannuation compassionate grounds ATO guidance

New guidance on accessing superannuation on compassionate grounds has been released by the ATO, which has noted SMSFs must still follow a specific process for early release.

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ATO, SMSF, Superannuation

Illegal access leads ATO concerns

ATO SMSF illegal early access compliance

The ATO has flagged illegal early access as the leading area of compliance it is working on, noting an increase in funds appearing to break the rules.

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ATO, Compliance, Management, Tax

GST status needs regular review

GST turnover registration SMSF

Trustees have been reminded they must register their SMSF for GST once the fund fulfills specific conditions related to the types of transactions it conducts.

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ATO, Superannuation

ATO tracking early access damage

ATO SMSF illegal early access

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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Administration, ATO, Compliance, SMSF, SMSFA

ATO changes agent linking system

ATO online services Client-to-agent linking

The ATO has added an extra security step to its reporting platform for businesses, requiring SMSF trustees to follow it when appointing or changing agents to act on their behalf.

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ATO, Death benefits

ATO confirms member benefit stance

ATO private binding ruling death benefit

The ATO has demonstrated it will view a trustee’s awareness of the death of a super fund member as important when deciding how to define benefit payments around the time of their passing.

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