News : ATO

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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ATO, Documentation

YourSuper tool recommended for wind-ups

YourSuper SMSF wind-up

The ATO has reminded SMSFs that are winding up they can use its superannuation fund comparison tool to find a new home for their fund benefits.

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