News : ATO

ATO, Auditing

Transitional approach to SuperStream

ATO SuperStream

The ATO has committed to applying a transitional period for SMSFs that do not comply with the new SuperStream requirements at 1 October 2021.

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ATO, Superannuation

SuperStream start date fixed

SuperStream rollover

SMSF trustees and planners are being advised to prepare for the SuperStream rollover changes with the ATO stating the 1 October start date will not be moved.

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ATO, Auditing

ATO releases new valuation guidelines

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

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ATO, Contributions

Don’t abuse excess charge removal

excess concessional contributions

The removal of a charge on excess concessional contributions should be seen as a favour to super fund members and not an opportunity to exploit its absence.

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ATO, Superannuation

ATO offers interim six-member solution

ATO six-member funds

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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ATO, Auditing

Figures show SAN misuse not rife

SAN misuse ATO

SMSF auditor number misuse remains an area of concern, but ATO figures indicate it is not a widespread problem.

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ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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ATO

ATO issues TBAR, bank account reminders

ATO TBAR bank account

The ATO has issued eleventh-hour reminders to SMSF trustees to complete urgent housekeeping activities to ensure the smooth running of their funds.

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ATO, Superannuation

ATO introduces SMSF rollover alerts

ATO rollover alert

The ATO has added an SMSF alert service to SuperStream that will notify members when a rollover has occurred.

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ATO

Super Fund Lookup error fixed

ATO super fund lookup

An anomaly in the ATO’s Super Fund Lookup service that resulted in a number of SMSFs losing their complying status in error has now been rectified.

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