News : ATO

ATO

ATO grants SuperStream relief

SMSFs ATO SuperStream

SMSFs struggling to obtain an electronic service address for SuperStream rollovers will be able to use paper forms to action them under temporary relief from the ATO.

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ATO

New ATO alerts are legitimate

ATO SMS alerts

New detailed alerts from the ATO regarding changes in an SMSF are legitimate and part of an upgraded anti-fraud system.

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ATO, NALI/NALE

NALE enforcement not ironclad

NALE enforcement

The ATO’s stated position with regard to enforcement of the NALE rules for the 2022 income year in PCG 2020/5 is not ironclad.

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ATO, Tax

Deductibility of LRBA costs limited

SMSF LRBA deductions

Limits apply to the tax deductibility of expenses related to setting up an LRBA, with the ATO viewing legal advice as outside the deduction provisions.

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ATO

ATO performance calculation change welcomed

ATO SMSF performance

The ATO’s decision to alter its SMSF investment performance calculation method to align with that used by APRA-regulated funds has been welcomed by the SMSF Association.

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ATO

LRBA numbers remain stable

SMSFs LRBA

New ATO data shows the percentage of SMSFs holding an LRBA remained relatively stable in 2019/20 compared to 2018/19, while the level of assets held within them was unchanged.

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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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