News : ATO

ATO

ATO warns against asset protection scheme use

asset protection scheme

The ATO has warned SMSF trustees to avoid using schemes that offer to protect assets within their fund via the use of an external trust.

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ATO, Retirement

Tax-avoidance via SMSFs targeted

SMSFs tax avoidance

Retirement planning schemes using SMSFs to avoid tax have been listed as an area of concern and action for the ATO.

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ATO

Quarterly TBAR lodgement encouraged now

Quarterly TBAR

The ATO has encouraged SMSF trustees to begin the practice of lodging TBARs quarterly despite the requirement not commencing for six months.

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ATO, Compliance

Voluntarily disclose unfixable problems

SMSF voluntary disclosure

SMSF trustees should not hide unfixable problems with their fund, but via voluntary disclosure inform the ATO before it finds the problem.

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ATO, SuperStream

ATO highlights corporate trustee benefits

ATO corporate trustee

The ATO has highlighted the difference between SMSF trust structures and emphasised a corporate trustee has key advantages over individual trustees.

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ATO, Documentation

ATO changes ABN registration process

ATO ABN registration

The ATO has changed the ABN registration process for SMSFs, requiring certain information to be provided through different channels.

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ATO, Compliance

Trustee disqualifications hit peak

SMSF trustees disqualified

More than 250 SMSF trustees have been disqualified in a single quarter, with that number exceeding the total for the financial year.

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ATO, Pensions

ATO discretion worth pursuing

ATO discretion pension

Applications for ATO discretion should always be made where a minimum pension payment has not been met and self-rectification cannot be used.

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ATO, SuperStream

ESA non-disclosure breaches obligations

withheld ESA

SMSF practitioners must disclose the electronic service address of a fund when dealing with the ATO as not doing so will create a breach for their trustee clients.

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ATO, Documentation

ATO encourages early reporting

ATO early reporting

SMSFs should make early reports of events that impact a member’s transfer balance account which creates more clarity around the fund’s status.

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