News : ATO

ATO, Division 296, Legislation, Tax

Taxpayer will get Div 296 notification

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

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ATO, Auditing

ATO refers 41 auditors to ASIC

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor review, ASIC, compliance, audit evidence, independence requirements, auditor contravention report lodgements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

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ATO, Pensions

TR 2013/5 upgrade means more red tape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, minimum pension payment, TR 2013/5, Taxation Ruling 2013/5, commutation, ECPI, exempt current pension income, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, tax components, lump sum

The update to Taxation Ruling 2013/5 will create noticeably more administrative work for trustees who fail to meet the minimum pension payment standards.

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ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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ATO, Pensions

ATO releases legacy pension guidance

self managed super, self managed superannuation, SMSF, ATO, commutation, legacy pensions, reserve allocations, SMSF Association, lifetime pension, life expectancy pension, market-linked pension, amnesty, guidance

New guidance from the ATO on commuting legacy pensions has been welcomed, but the SMSF Association says more detail is required.

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ATO, Regulation, Superannuation, Trusts

High Court can hear Bendel appeal

self managed super, self managed superannuation, SMSF, ATO, High Court appeal, unpaid present entitlements, UPE, Federal Court, Commissioner of Taxation v Bendel, unit trusts, loans, Division 7A, financial accommodation

The High Court has granted leave for the ATO to appeal the Bendel case decision related to the treatment of unpaid present entitlements.

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ATO, Death benefits

Six-month death benefit guidance removed

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, death benefit payments, cashing, SIS Regulation 6.21(1), QC 42934, six months, Shelley Banton, ASF Audits, QC 45254, exempt current pension income, ECPI

The ATO has amended the rules regarding the acceptable timeframe in which trustees can implement when making death benefit payments.

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ATO, Pensions

Gap to occur in TBC updates

SMSF, self managed super, ATO, personal transfer balance caps, general transfer balance cap, transfer balance caps, TBC, indexation, pension, limited recourse borrowing arrangement, excess transfer balance, determination, commutation authority, ATO online services

The increase in personal transfer balance caps reported by the ATO will be delayed after the general cap rises but it will not issue determinations until an update is complete.

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