News : ATO

ATO

Reminder COVID relief has expired

ATO COVID-19 relief

The ATO has issued a reminder to SMSF trustees and auditors for both groups to recognise the COVID-19 compliance relief measures no longer apply.

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ATO, Contributions

Unused caps splittable, but restricted

concessional contributions split

SMSF members can split a carry-forward concessional contribution, but the ATO will determine the year with which the unused cap is associated.

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ATO

ATO clarifies trustee disqualifications

ATO SMSF trustee disqualification

The circumstances influencing when the ATO looks to disqualify an SMSF trustee have been detailed in a new piece of guidance.

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ATO

ATO releases SMSF wind-up guide

ATO SMSF guide

The ATO has released a guide to assist SMSF trustees in winding up their funds and is encouraging them to plan ahead for this event.

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ATO, Compliance

Trustees urged to fix mistakes, seek help

SMSF contraventions

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.

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ATO, Documentation

ATO trustee declaration critical

SMSF trustee declaration

The importance of the ATO SMSF trustee declaration has been demonstrated by a recent case heard in the Supreme Court of NSW.

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ATO

TBC debit calculation updated for MLPs

transfer balance debit pension

An update has been issued by the ATO stating how transfer balance cap debits will be calculated when a non-commutable market-linked pension ceases.

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ATO

ATO streamlines TBAR

ATO SMSFs TBAR

The ATO will streamline the transfer balance account reporting period from 1 July 2023 and reduce the timeframe for SMSFs.

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ATO

Unique SMSF bank account necessary

ATO SMSF bank account

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.

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ATO

ATO updates SuperStream guidance

ATO SuperStream

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

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