News : ATO

ATO, SMSF

Notice of intent must be acknowledged

Notices of Intent

The ATO has reminded trustees they must acknowledge any Notices of Intent received and update SMSF details promptly prior to the end of the financial year.

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ATO, Superannuation

ATO sets date for personal TBC availability

TBC

Super fund members will gain access to personal TBC details early in the new financial year but should report outstanding information now.

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ATO, Compliance, SMSF

Loss no reason to ignore compliance order

financial loss ATO order

Financial loss will not be considered a key reason for an SMSF to avoid following a contravention rectification order issued by the ATO.

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ATO, Compliance, Education

ATO revamps compliance guidance

New compliance guidance materials are being formulated by the ATO, one of which marks a change in approach with education directions.

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ATO, Compliance, SMSF

Regulator reminds trustees of release process

ATO release reminder

The ATO has reminded trustees they are required to respond to requests from members to release funds and has detailed the processes it expects will be used.

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ATO, Compliance

Push for undertaking instead of rectification

SMSFs undertaking rectification

SMSFs facing contravention issues with the ATO should consider a proactive enforceable undertaking rather than waiting for a regulator-issued rectification.

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ATO, Compliance

Trustees warned on excess NCC release

Excess non-concessional release

SMSF trustees have been advised that any excess non-concessional contributions must be released to the ATO and not fund members and not doing so is a compliance breach.

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ATO, SuperStream

SuperStream solutions pending

SuperStream

A solution could soon be made available by the ATO for common problems SMSF trustees are experiencing when using SuperStream for fund rollovers.

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ATO, Regulation, Superannuation

Work test anomaly addressed

Work test

An anomaly that arose from the most recent amendment to the work test has been rectified after the release of a new legislative instrument by the ATO.

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Administration, ATO, BDBNs

BDBN myth dispelled

BDBN

A binding death benefit nomination can completely replicate the terms of a reversionary pension, but in a more practical fashion.

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