News : ATO

ATO, NALI/NALE

NALE compliance stance extended

ATO NALE compliance

The ATO will continue its practice of not deploying compliance resources to address non-arm’s length expenditure breaches of a general nature.

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ATO

Clock ticking for annual return lodgement

SMSF annual return lodgements

The ATO has reminded trustees to ensure all SMSF annual returns are lodged and up to date prior to the new financial year to avoid penalties.

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ATO, Contributions

Follow reserving advice closely

SMSF contribution reserving

SMSF members have been warned to stick to the rules when planning to use contribution reserving and follow the ATO’s guidance closely.

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ATO

New SMSFs should be prepared for ATO scrutiny

ATO SMSF

The ATO has increased the number of random checks it is making on newly registered SMSF trustees and members have been advised to prepare early.

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ATO

SAR won’t update six-member details

SMSF annual return ATO

The SMSF annual return will not fulfil a fund’s obligation to inform the ATO of any additional members and updates should be done immediately.

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ATO, Auditing

ATO to tell auditors about disqualifications

ATO SMSF auditors disqualification

The ATO will inform SMSF auditors of the disqualification of trustees or directors of a corporate trustee, but has urged them to review the status of all clients.

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ATO, Auditing

SAN misuse on the rise

SAN misuse SMSF returns

The ATO has found the misuse of SMSF auditor numbers on fund annual returns rose in the 2021 income year.

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ATO, Superannuation

Wind-ups don’t need nil balances

ATO SMSF balances

A balance sheet indicating a fund has zero balances is not required by the ATO for an SMSF wind-up procedure to take place.

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ATO

SMSF messaging provider list updated

ATO SMSF messaging providers

The register of SMSF messaging service providers that can facilitate transactions using SuperStream has been updated by the ATO.

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ATO

No leniency for late returns

SMSF lodgements extension

The ATO is not considering a general extension for late lodgements for SMSF annual returns, but has encouraged people to contact it directly to seek assistance with any problems.

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