News : ATO

ATO, Pensions

ATO unlikely to grant pension relief

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

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ATO, SMSF

Warning issued on improper SMSF schemes

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

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ATO, Compliance, Documentation

ATO SAR letters require action

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

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ATO, Downsizer, Superannuation

Downsizer contributions remain steady

The number and size of downsizer contributions into superannuation have remained constant, but more women are taking advantage of the scheme.

The number and size of downsizer contributions into superannuation have remained constant, but more women are taking advantage of the scheme.

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ATO, Pensions

Minimum payment discretion caution

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

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ATO, Auditing, Compliance, Cryptocurrency, Investments

Crypto valuation reference changed

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

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ATO, SMSF, SMSFA

Demographic sector shift continues

The SMSF sector has continued to expand, with ATO statistics showing the shift to younger member establishments continuing.

The SMSF sector has continued to expand, with ATO statistics showing the shift to younger member establishments continuing.

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ATO, Auditing, Compliance

Lost declaration treatment clarified

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

The ATO has given SMSF auditors some surety around addressing the absence of missing trustee declarations, but more guidance is being sought.

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ATO, Compliance, Documentation

ATO focused on late returns, early access

SMSFs with outstanding annual returns will come under greater scrutiny from the ATO, which is concerned by a rise in late lodgements.

SMSFs with outstanding annual returns will come under greater scrutiny from the ATO, which is concerned by a rise in late lodgements.

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ATO, Compliance, Superannuation

Compassionate release warning welcomed

ATO warnings about misusing early access to super for medical procedures must be backed by bans on advertising and the involvement of third-party promoters.

ATO warnings about misusing early access to super for medical procedures must be backed by bans on advertising and the involvement of third-party promoters.

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