News : ATO

ATO

ATO defends its statistics

April 5, 2022

The ATO has defended the efficacy of its quarterly SMSF statistics in light of recent criticism with regard to their use as a performance indicator.

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ATO, Auditing

ACR lodgements on the rise

March 31, 2022

Darin Tyson-Chan

The ATO has received an increasing number of auditor contravention reports for both the 2021 and 2022 income years due to the misuse of SMSF assets.

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ATO, Contributions

ATO contributions discretion unlikely

March 29, 2022

Jason Spits

The ATO is unlikely to exercise discretion when super fund members make excess contributions, adopting the same stance taken in regards to early access.

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ATO, LRBA

ATO extends LRBA amnesty

March 22, 2022

Darin Tyson-Chan

Compliance relief regarding amended non-bank limited recourse borrowing arrangements has been extended through an amendment to PCG 2016/5.

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ATO

ATO grants SuperStream relief

March 16, 2022

Jason Spits

SMSFs struggling to obtain an electronic service address for SuperStream rollovers will be able to use paper forms to action them under temporary relief from the ATO.

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ATO

New ATO alerts are legitimate

March 9, 2022

Jason Spits

New detailed alerts from the ATO regarding changes in an SMSF are legitimate and part of an upgraded anti-fraud system.

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ATO, NALI/NALE

NALE enforcement not ironclad

March 2, 2022

Darin Tyson-Chan

The ATO’s stated position with regard to enforcement of the NALE rules for the 2022 income year in PCG 2020/5 is not ironclad.

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ATO, Tax

Deductibility of LRBA costs limited

February 24, 2022

Jason Spits

Limits apply to the tax deductibility of expenses related to setting up an LRBA, with the ATO viewing legal advice as outside the deduction provisions.

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ATO

ATO performance calculation change welcomed

February 24, 2022

Tia Thomas

The ATO’s decision to alter its SMSF investment performance calculation method to align with that used by APRA-regulated funds has been welcomed by the SMSF Association.

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ATO

LRBA numbers remain stable

February 23, 2022

Tia Thomas

New ATO data shows the percentage of SMSFs holding an LRBA remained relatively stable in 2019/20 compared to 2018/19, while the level of assets held within them was unchanged.

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