News : ATO

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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ATO, Downsizer, Property

Downsizer timeframe absolute

Downsizer timeframe

The timeframe within which a downsizer contribution has to be made is definitive for all circumstances relating to this type of strategy.

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ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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ATO, Pensions

Problem with legacy pension fix

SMSF legacy pensions ATO error

SMSF trustees are being prevented from commuting excess transfer balance cap amounts arising from legacy pensions due to an ATO systems glitch.

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ATO, Death benefits, Pensions

Commutation delays may alter benefit

ATO private ruling commutation member benefit

SMSF trustees who fail to promptly action a request for a pension commutation may cause it to be treated differently by the ATO if the member’s circumstances change.

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ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

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ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

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ATO, Tax

Check determinations for errors

ATO determinations errors SMSF

SMSF practitioners should check ATO determinations issued to clients are correct as there are no guidelines for recontributing money withdrawn due to an incorrect determination.

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