News : ATO

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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ATO

SuperStream will be applied to certain release authorities

superstream release authorities

The release authorities that will be included in the SuperStream rollover system for SMSFs have been revealed by the ATO.

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ATO

SuperStream-ready services revealed

SMSF SuperStream ATO

The SMSF digital service providers that are already SuperStream ready have been named by the ATO.

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ATO, Superannuation

Visibility changes still need faster data

superannuation visibility

Changes to allow greater visibility of superannuation assets during a separation are positive, but faster collection and reporting of data is still required.

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ATO, Auditing

Auditor independence guideline updated

SMSF auditors guidelines

The independence standards guideline for SMSF auditors published by the ATO has been updated to define certain parameters regarding operational reviews.

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