The ATO has advised a unique bank account be used to conduct SMSF operations and for trustees to be aware of possible fraud where a third party was given access.

Information pertaining to when the SuperStream system must be used to process superannuation rollovers has been updated by the ATO.

The ATO has reminded SMSF trustees which common tax mistakes they should avoid when making repairs to rental investment homes.

The ATO has reminded trustees to ensure all SMSF annual returns are lodged and up to date prior to the new financial year to avoid penalties.

The ATO has increased the number of random checks it is making on newly registered SMSF trustees and members have been advised to prepare early.

The SMSF annual return will not fulfil a fund’s obligation to inform the ATO of any additional members and updates should be done immediately.