News : ATO

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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ATO, Auditing

Valuation guidance clashes with law

SMSF audit asset valuation guidance

Valuation guidelines issued by the ATO contradict superannuation regulations, creating difficulties for auditors in maintaining their legal and professional standards.

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ATO, Auditing, Compliance, SMSF

Clean audit file key in case of review

SMSF auditors audit file ATO review

In anticipation of a potential ATO review, SMSF auditors have been advised to maintain essential documents and ensure their audit files are free from irrelevant information.

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ATO, Compliance, Contributions, Strategy

Excess NCC release authority is default action

excess non-concessional contribution release authority

No formal declaration to adhere with an ATO release authority relating to a breach of the non-concessional contributions cap is required.

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ATO, NALI/NALE, Superannuation, Tax

Recent rulings give NALE glimpse

ATO NALE private binding rulings

Two private binding rulings issued by the ATO in the past six months have hinted at how the NALE rules for general expenses will be applied.

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ATO, Auditing

ATO and auditors not aligned

ATO SMSF auditors practice

The practices of some SMSF practitioners do not seem to be aligning with the ATO’s expectation of how the annual audit should be performed.

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ATO, Compliance

Illegal access leading trustee failure

Illegal access ATO SMSF

The ATO has identified illegal access to superannuation as a key area where SMSF trustees are not meeting their obligations, noting it has led to an increase in disqualifications.

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