News : ATO

ATO, Pensions, Regulation, Superannuation

Commissioner TBC ruling not unconstitutional

Transfer balance cap

The Administrative Appeals Tribunal has upheld a decision by the tax commissioner that commuting an excess over the transfer balance cap was unconstitutional and carried out on unjust terms.

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ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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ATO, Compliance, Superannuation

ATO issues scam alert

Early superannuation release schemes

The ATO has continued to warn SMSF members of schemes and promoters that target their funds to engage in activities that breach superannuation laws.

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ATO, Property

Home purchase schemes a concern

ATO residential property scheme SMSF

Schemes promoting the use of an SMSF to purchase a residential home for use by fund members have been flagged by the ATO as likely breaching a number of superannuation laws.

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ATO, NALI/NALE

ATO highlights property, lending scheme danger

ATO property lending scheme

The ATO has warned SMSF members to avoid early release and tax avoidance schemes noting many of these are related to property and lending within a fund.

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ATO, NALI/NALE, Tax

ATO releases draft NALI, CGT determination

NALI CGT determination

The ATO has released a draft determination on how it will measure NALI inside capital gains that result from non-arm’s-length dealings.

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ATO, Property, SMSF

Property project checking a must

Property development

The progress of property developments in which SMSFs are invested need to be continually monitored to avoid compliance breaches.

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ATO, Pensions, SMSF

Pension restructure needs approval

Pension restructure ATO

SMSF members restructuring a pension that has an excess transfer balance should wait for ATO approval before making any commutations from the pension.

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