News : ATO

ATO tweaks Super Fund Lookup process

September 1, 2021

A new procedure is now being applied to newly established SMSFs and how the ATO reflects their status on the Super Fund Lookup website.

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ATO, Auditing

ATO expands review to reduce SAN misuse

August 25, 2021

Tia Thomas

The ATO has announced its strategy to improve its detection of SAN misuse with mailout set to commence in early September and warns auditors of obligations.

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ATO, NALI/NALE

ATO looking deeper into NALE issues

August 24, 2021

Jason Spits

The ATO’s final ruling on NALE is being reinforced by investigative work into how the SMSF sector has been using non-arm’s-length arrangements.

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ATO

ATO revisits COVID-19 relief

August 23, 2021

Darin Tyson-Chan

The ATO is looking to implement measures for SMSFs suffering financial hardship in the current round of COVID-19 lockdowns.

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ATO, Superannuation

SuperStream rollover events clarified

August 23, 2021

Tia Thomas

The ATO has clarified the events under which SMSF trustees must make rollovers using the SuperStream service set to take effect from 1 October.

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ATO, Auditing

SuperStream audit checks to start in October

August 19, 2021

Tia Thomas

The ATO has advised SMSF auditors they will need to gather evidence regarding non-compliance with SuperStream rules from 1 October only.

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ATO

ATO updates ABR to allow six-member funds

August 16, 2021

Jason Spits

Updates to the Australian Business Register (ABR) to allow the creation of six-member SMSFs are complete and will replace an interim process offered by the ATO.

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ATO, Investments

Zero-value assets will raise red flag

August 10, 2021

Jason Spits

Assets in an SMSF that are valued at zero will raise questions as to their purpose in the fund and are likely to create a breach with the ATO every year.

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ATO, Superannuation

Evidence central to related-party asset sale

August 10, 2021

Jason Spits

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

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ATO, Superannuation

NALE questions remain over unit trust activity

August 9, 2021

Tia Thomas

The ATO’s finalised position on NALE does not provide enough clarity in regards to actions of a trustee when working with a unit trust inside an SMSF.

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