News : ATO

AAT, ATO, LRBA, SMSF

SMSF lending ruling not a model to adopt

SMSF AAT ATO Private lending NALI non-arm’s length income BPFN

The ATO has warned an Administrative Appeals Tribunal ruling regarding private lending in an SMSF should not be taken as a model to apply to other arrangements.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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ATO, Compliance, Property, Regulation

ATO hot on rental property expenses

Rental property Deductions ATO NALI

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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Administration, ATO, Auditing

Diversification needs audit focus

Diversification Investment strategy Auditors ATO Auditor contravention report

The ATO has specifically expressed what it expects from auditors with regard to reviewing the diversification of an SMSF investment strategy.

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Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Administration, ATO, Compliance, Superannuation

The SG clearing house danger

Clearing house Superannuation guarantee Pay day super ATO

The use of clearing houses to meet super guarantee requirements comes with a substantial risk of incurring penalties for late payments.

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Administration, ATO, SuperStream

ATO issues release authority guidance

ATO SuperStream Release authority Guidance

The ATO has provided guidance to rectify issues trustees may experience when using SuperStream with regard to release authorities.

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ATO, Auditing, Compliance, Investments

ATO flags concerns over asset values

Asset valuation SMSF ATO Auditors Asset classes

The ATO has put SMSFs that have reported unchanged asset valuations over a number of years on notice, stating it is watching compliance with valuation requirements this year.

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Administration, ATO, Compliance, Investments

ATO SMSF investment role spelt out

ATO SMSF Investment strategy Investments

The ATO’s role in assessing whether an SMSF investment strategy is appropriate has been confirmed by a financial services practice principal.

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ATO, Contributions, Strategy

Reserving NCCs not recommended

ATO Contribution reserves Non-concessional contributions Concessional contributions Strategy SMSF

Reserving strategies should be limited to concessional contributions as non-concessional contributions are likely to encounter regulatory hurdles.

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