News : ATO

ATO

ATO revisits COVID-19 relief

ATO COVID-19 relief

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

SuperStream rollover events

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

auditors SuperStream

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

ATO ABR members

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

zero value assets

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

SMSF collectables

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

NALE unit trust

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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ATO, Pensions

Minimum pension shortfall may trigger reporting dilemma

minimum pension shortfall

Trustees will more than likely face a reporting dilemma should they request the ATO to exercise its discretion to rectify a minimum pension shortfall.

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ATO, NALI/NALE

NALE requires perfection in fund expenses

NALE fund expenses

The ATO’s stance on NALE inside a super fund is too broad and will require perfection in many transactions.

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ATO, NALI/NALE

ATO retains NALE income nexus

ATO NALE nexus

The ATO has released its final ruling on the treatment of NALE and will continue to view the expenses as having a nexus to all of a super fund’s income.

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