News : ATO

ATO, Compliance, Management, Tax

GST status needs regular review

GST turnover registration SMSF

Trustees have been reminded they must register their SMSF for GST once the fund fulfills specific conditions related to the types of transactions it conducts.

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ATO, Superannuation

ATO tracking early access damage

ATO SMSF illegal early access

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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Administration, ATO, Compliance, SMSF, SMSFA

ATO changes agent linking system

ATO online services Client-to-agent linking

The ATO has added an extra security step to its reporting platform for businesses, requiring SMSF trustees to follow it when appointing or changing agents to act on their behalf.

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ATO, Death benefits

ATO confirms member benefit stance

ATO private binding ruling death benefit

The ATO has demonstrated it will view a trustee’s awareness of the death of a super fund member as important when deciding how to define benefit payments around the time of their passing.

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ATO

Valuations to get increased focus

ATO SMSF asset valuation

The valuation of assets is an area of compliance the ATO is looking to focus on with greater intensity as a result of recent data analysis.

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Accounting, Administration, ATO, Compliance, SMSF

SMSF loans still a compliance risk

SMSF loans ATO Related party transactions

The ATO has urged SMSF trustees to carefully examine any borrowing arrangements in place and verify they are in full compliance with essential regulatory requirements.

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ATO, Crypto Assets, Cryptocurrency, Investments

ATO flags rise in SMSF crypto losses

ATO SMSF cryptocurrency losses

The ATO has reminded SMSF practitioners and trustees to exercise caution when investing in cryptocurrencies after identifying cases where assets were lost or stolen.

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ATO, Auditing, Compliance

Auditor independence still targeted

SMSF auditors independence ATO

The ATO has identified a number of auditors who are still failing to meet independence requirements and will engage in targeted reviews and compliance action.

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ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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ATO, Auditing

Asset charge warning not new

ATO SMSF auditor asset charge

The obligation for auditors to check for charges on SMSF assets has existed since 2019 and the ATO’s position on the requirement has not changed.

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