News : ATO

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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ATO, Contributions

Cap rule change not a strategic break

excess contribution charge

The scrapping of the excess concessional contributions charge in the Your Future, Your Super laws is not an opportunity to gain a tax benefit.

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ATO, Superannuation

Temporary ESA solution complex

ESA SuperStream

The ATO has outlined a complicated solution to allow SMSFs with an ESA that is not rollover ready to receive a transfer of benefits.

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ATO, Contributions

SuperStream may affect year-end strategy

SuperStream contribution strategy

The SuperStream system could have a significant effect on the common contribution reserve strategy should it be applied more broadly to SMSFs.

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ATO

ATO discretion a compensation fix

compensation ATO

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.

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ATO

ATO extends COVID-19 relief measures

ATO COVID-19 relief

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

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ATO

ATO can monitor work test

ATO work test

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.

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ATO

All valuation factors hard to assess

asset valuation

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

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