News : ATO

ATO, Auditing

Poor valuation evidence a concern

SMSF valuation evidence

The ATO is alarmed by the number of situations where SMSF auditors are not substantiating asset valuations with proper supporting evidence.

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ATO, Compliance

ATO gives trustees six months to comply

ATO SMSF rectification

SMSF trustees ordered by the ATO to rectify a contravention will have six months to do so before being hit with a significant administrative penalty.

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ATO, Documentation

ATO disclosure forms updated

ATO voluntary disclosure

The ATO will now require trustees to sign off on voluntary disclosure forms when reporting unrectified regulatory contraventions.

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ATO

ATO flags guidance updates

ATO superannuation guidance

The ATO is in the process of updating a number of its guidance materials covering a variety of SMSF and general superannuation issues.

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ATO, Superannuation

ATO warns against SMSF promoters

SMSF promoters

Super fund members have been warned to avoid and report to the ATO anyone who promotes SMSFs as an early access scheme.

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ATO

ATO warns against asset protection scheme use

asset protection scheme

The ATO has warned SMSF trustees to avoid using schemes that offer to protect assets within their fund via the use of an external trust.

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ATO, Retirement

Tax-avoidance via SMSFs targeted

SMSFs tax avoidance

Retirement planning schemes using SMSFs to avoid tax have been listed as an area of concern and action for the ATO.

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ATO

Quarterly TBAR lodgement encouraged now

Quarterly TBAR

The ATO has encouraged SMSF trustees to begin the practice of lodging TBARs quarterly despite the requirement not commencing for six months.

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ATO, Compliance

Voluntarily disclose unfixable problems

SMSF voluntary disclosure

SMSF trustees should not hide unfixable problems with their fund, but via voluntary disclosure inform the ATO before it finds the problem.

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ATO, SuperStream

ATO highlights corporate trustee benefits

ATO corporate trustee

The ATO has highlighted the difference between SMSF trust structures and emphasised a corporate trustee has key advantages over individual trustees.

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