News : ATO

ATO

ATO praises SMSF sector

ATO praises SMSF sector

The tax commissioner has praised the efforts of the SMSF Association and its members in implementing COVID-19 relief measures and ensuring trustees maintained their obligations in 2020.

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ATO

SMSFA calls for NALE clarity

SMSF Association NALE clarity

While the SMSF sector awaits a final ruling on the handling of non-arm’s-length expenses (NALE) rules, a further call has been made for greater clarity around what trustees can and can’t do for their fund.

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ATO, Documentation, Superannuation

TBC change needs data access

TBC indexation ato data

The SMSF sector will need access to data held by the ATO related to transfer balance caps (TBC) ahead of its indexation to prevent further confusion and errors, an administrator has claimed.

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ATO

Penalty regime will give and take away

ATO SMSF penalty regime

The penalty regime from the ATO will give breaks to SMSF trustees but will still hit their wallet if they fail to tow the line, a tech expert has warned.

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ATO, Superannuation

TBC indexation set for July

TBC indexation

Indexation of the general transfer balance cap will occur on 1 July, leading to a departure from a standard figure for super fund members.

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ATO, Auditing

ATO scraps APES 110 mail-out

ATO APES 110 mail-out

The ATO will be publishing detailed guidance regarding the new auditor independence standards instead of sending individual letters to SMSF auditors as initially planned.

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ATO, Auditing

Online auditor guidance pending

ATO auditor guidance

A specialist practitioner has revealed the ATO is looking to post more guidance on its website to help accountants deal with the amended auditor independence standards.

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ATO, Superannuation

SMSF numbers climb again

SMSF numbers

The SMSF sector has continued to grow through the COVID-19 pandemic, recording new highs for the number of SMSFs and fund members.

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ATO, Investments, Superannuation

Trustee letters effect unknown

SMSF investment letters

The ATO has revealed the SMSF investment strategy is being treated with more importance, although the shift cannot be attributed to the compliance letters the regulator sent out on the subject last year.

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ATO, Property

ATO announces rent relief determination

rent relief determination

The ATO has released a legislative instrument determination addressing COVID-19 rent relief deferrals granted by SMSF landlords to related-party tenants.

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