News : ATO

ATO, Documentation

Director IDs not for public reference

director identification ABRS

Director identification numbers will not be made available to the greater public through the Australian Business Registry Service.

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ATO

Late death benefit payout excuses limited

death benefit timeframe

The ATO will only recognize limited reasons offered by trustees as an acceptable excuse for not paying a death benefit within the standard timeframe.

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ATO

ATO holds off on TBA reporting compliance

ATO compliance TBA

The ATO will not take compliance action for a limited time against funds that have not reported a TBA event after the commencement of a new income stream.

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ATO, Superannuation

ATO flags bank transaction limits

SuperStream transaction limits

SMSFs should check if they have enough liquid assets and no transaction limits when planning on using SuperStream.

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ATO, Regulation

Early access discretion updated

super access

A draft Practice Statement Law Administration has been issued outlining the use of discretionary powers for illegal early access of super benefits.

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ATO

Education focus for ID regime

ATO director identification

The interim period for the new director identification number regime will see the ATO concentrate on education in situations of non-compliance.

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ATO

Director ID application rejection rare

Director identification rejection

The ATO has acknowledged instances of applications for a director identification number being rejected are likely to be very rare.

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ATO

Rollover management now needed

SuperStream SMSFs rollovers

The requirement for SMSFs to use the SuperStream system to process member rollovers has made prudent fund management more critical.

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ATO

ATO attempts to improve SuperStream operation

SuperStream ATO

Superannuation trustees have been provided with more information by the ATO to address some of the common issues with SuperStream.

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ATO, Superannuation

Mobile app main director ID avenue

SMSF DIN app

SMSF trustees requiring a director identification number will have to apply for one using the myGovID app on their mobile device.

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