News : ATO

Accounting, Administration, ATO, Compliance, SMSF

SMSF loans still a compliance risk

SMSF loans ATO Related party transactions

The ATO has urged SMSF trustees to carefully examine any borrowing arrangements in place and verify they are in full compliance with essential regulatory requirements.

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ATO, Crypto Assets, Cryptocurrency, Investments

ATO flags rise in SMSF crypto losses

ATO SMSF cryptocurrency losses

The ATO has reminded SMSF practitioners and trustees to exercise caution when investing in cryptocurrencies after identifying cases where assets were lost or stolen.

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ATO, Auditing, Compliance

Auditor independence still targeted

SMSF auditors independence ATO

The ATO has identified a number of auditors who are still failing to meet independence requirements and will engage in targeted reviews and compliance action.

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ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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ATO, Auditing

Asset charge warning not new

ATO SMSF auditor asset charge

The obligation for auditors to check for charges on SMSF assets has existed since 2019 and the ATO’s position on the requirement has not changed.

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ATO, NALI/NALE

Ruling shows NALE application

NALE SMSF trustee capacity non-arm's length expenditure

The ATO has indicated financial services professionals who act on behalf of their own fund must do so in a trustee capacity only to avoid being hit with NALE taxes.

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ATO, Auditing, Compliance

No SAN mail-out as behaviour shifts

SMSF SAN misuse mailout ATO

A decrease in intentional misuse of SMSF auditor numbers has prompted the ATO to park its annual mail-out in favour of targeted compliance action with tax agents.

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ATO, NALI/NALE, Tax

NALI CGT rules a problem for SMSFs

NALI

The ATO taxation determination outlining how the NALI and CGT rules interact is potentially problematic for SMSFs.

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ATO, Regulation, SMSF

Voluntary disclosure needs tenacity

ATO SMSF voluntary disclosure scheme

Patience and persistence are required when looking to use the ATO’s early engagement and voluntary disclosure scheme to secure a satisfactory outcome.

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ATO, Auditing, SMSF

No audit impact despite decline

SMSF auditors population completed audits

The number of completed audits has remained steady despite a reduction in the number of SMSF auditors as those leaving have been shown to have done minimal work in this area.

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