News : ATO

ATO, Compliance

Trustees can prevent dishonesty disqualification

SMSF trustees disqualification

SMSF trustees facing disqualification for dishonest conduct may be able to avoid that fate, but need to move quickly to prevent it taking place.

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ATO, Business News

Advisers in line of defence against scams

SMSF advisers scams

SMSF specialist advisers can play a key role in helping trustees and self-directed investors defend themselves against investments scams which exceeded $325 million in lost funds last year.

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ATO, Superannuation

SuperStream advice needs full licence

superstream advice

The ATO’s SuperStream rollover service will require any related advice to be provided by a licensed practitioner due to requirements to be aware of the types of products involved.

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ATO

SuperStream errors identified

ATO SuperStream errors

The ATO has said the lack of relevant information in a number of key areas is the prime reason why SuperStream rollovers are being delayed.

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ATO

Contravention triggers identified

SMSF contravention

The regulator has shared with practitioners the three most significant factors that lead to SMSF regulatory contraventions.

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ATO

ID fraud impacting SMSFs

SMSF identity fraud

Identity and investment fraud are on the rise among SMSFs and the ATO has acknowledged this development and has a strategy to combat it.

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ATO

ATO provides PAYG instalment relief

ATO PAYG instalments

The ATO will not apply penalties or interest on varied PAYG instalments for COVID affected SMSFs provided they can prove they took reasonable care to estimate their end-of-year tax.

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ATO

SMSF rollovers delayed by manual requests

SMSF rollovers delayed

Rollovers into SMSFs using the ATO’s SMSF verification service are being delayed due to a large number of manual verification requests.

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ATO, Superannuation

Independent valuation a cheap insurance policy

Independent asset valuation

SMSFS can avoid expensive asset transfer errors by seeking an independent asset valuation even though it is no longer required in all cases.

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ATO, Retirement

Illegal early access on the rise

retirement early access

SMSFs being set up to allow individuals to access their retirement savings early and illegally increased last year and the trend is continuing.

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