News : ATO

ATO

Fund Lookup processes need review

Super Fund Lookup review

The efficiency and accuracy of the Super Fund Lookup system can be improved by streamlining the internal processes currently involved.

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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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