News : ATO

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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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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