News : ATO

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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ATO, Division 296, Legislation, Tax

Taxpayer will get Div 296 notification

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

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ATO, Auditing

ATO refers 41 auditors to ASIC

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor review, ASIC, compliance, audit evidence, independence requirements, auditor contravention report lodgements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

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ATO, Pensions

TR 2013/5 upgrade means more red tape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, minimum pension payment, TR 2013/5, Taxation Ruling 2013/5, commutation, ECPI, exempt current pension income, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, tax components, lump sum

The update to Taxation Ruling 2013/5 will create noticeably more administrative work for trustees who fail to meet the minimum pension payment standards.

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ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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