Financial services firms are making compensation payments to SMSFs even where no dispute exists and funds should inform the ATO to ensure no cap breaches occur.

The ATO has extended the COVID-19 compliance relief measures, confirming they will apply to SMSFs for the 2022 financial year as well.

The ATO has the ability to determine if people over the age of 66 who have made personal super contributions have satisfied the required work test.

A fair and reasonable asset valuation, as required by the ATO, may be difficult to prove to the extent required in new guidance.

SMSF trustees who are failing to meet their legal obligation of lodging their fund’s annual return are to face new ATO enforcement procedures.

The failure of trustees to lodge their SMSF’s first annual return is continuing to be a problematic compliance area for the ATO.