News : ATO

ATO

Listed shares popular, but cash most common

listed shares SMSFs

Listed shares have been a popular investment allocation for SMSFs, but cash and term deposits appear in almost every fund.

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ATO, Compliance

Grant discretion for early-release rectification

early release discretion

SMSFs should be given discretion by the ATO in the case of accidental early release if that mistake has been rectified immediately.

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ATO

SMSF wind-ups decrease

SMSF wind-ups

SMSF wind-ups fell below the previous five-year average in 2019/20, while new establishments continued to increase, according to ATO data.

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ATO, Technology

ESA upgrade not mandatory

ESA update

SMSFs can keep using their electronic service address without being forced to update it as long as rollovers are not required.

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ATO

Insolvency law change affects corporate SMSFs

insolvency SMSFs

Changes to insolvency laws mean the disqualification of corporate trustees can now occur in cases where restructuring takes place.

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ATO

SuperStream glitches hard to fix

SuperStream problems

SuperStream rollovers containing errors with the required relevant details have presented a challenge to resolve for practitioners.

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ATO, Documentation

TBAR should include safe harbour provisions

TBAR safe harbour

The transfer balance account reporting system should contain a safe harbour for trustees forced to provide information based on incomplete data.

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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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