News : ATO

ATO, Compliance

ATO disclosure can’t confirm breach

ATO disclosure SMSF breach

The ATO’s early engagement and voluntary disclosure service should only be used if a contravention of the superannuation rules has occurred.

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ATO, Compliance

Control levels impact early access discretion

SMSF early access control

SMSF trustees are unlikely to receive discretion from the ATO for a breach of payment standards due to the effective control obligations applied to their funds.

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ATO, Documentation

Nil balance may indicate non-compliance

SMSF nil balance

The ATO has advised that SMSFs with a nil account balance on 30 June should reflect on the fund’s management as this may be a sign of non-compliance.

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ATO

Reminder COVID relief has expired

ATO COVID-19 relief

The ATO has issued a reminder to SMSF trustees and auditors for both groups to recognise the COVID-19 compliance relief measures no longer apply.

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ATO, Contributions

Unused caps splittable, but restricted

concessional contributions split

SMSF members can split a carry-forward concessional contribution, but the ATO will determine the year with which the unused cap is associated.

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ATO

ATO clarifies trustee disqualifications

ATO SMSF trustee disqualification

The circumstances influencing when the ATO looks to disqualify an SMSF trustee have been detailed in a new piece of guidance.

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ATO

ATO releases SMSF wind-up guide

ATO SMSF guide

The ATO has released a guide to assist SMSF trustees in winding up their funds and is encouraging them to plan ahead for this event.

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ATO, Compliance

Trustees urged to fix mistakes, seek help

SMSF contraventions

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.

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ATO, Documentation

ATO trustee declaration critical

SMSF trustee declaration

The importance of the ATO SMSF trustee declaration has been demonstrated by a recent case heard in the Supreme Court of NSW.

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ATO

TBC debit calculation updated for MLPs

transfer balance debit pension

An update has been issued by the ATO stating how transfer balance cap debits will be calculated when a non-commutable market-linked pension ceases.

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