News : ATO

ATO, Contributions

Don’t abuse excess charge removal

excess concessional contributions

The removal of a charge on excess concessional contributions should be seen as a favour to super fund members and not an opportunity to exploit its absence.

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ATO, Superannuation

ATO offers interim six-member solution

ATO six-member funds

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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ATO, Auditing

Figures show SAN misuse not rife

SAN misuse ATO

SMSF auditor number misuse remains an area of concern, but ATO figures indicate it is not a widespread problem.

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ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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ATO

ATO issues TBAR, bank account reminders

ATO TBAR bank account

The ATO has issued eleventh-hour reminders to SMSF trustees to complete urgent housekeeping activities to ensure the smooth running of their funds.

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ATO, Superannuation

ATO introduces SMSF rollover alerts

ATO rollover alert

The ATO has added an SMSF alert service to SuperStream that will notify members when a rollover has occurred.

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ATO

Super Fund Lookup error fixed

ATO super fund lookup

An anomaly in the ATO’s Super Fund Lookup service that resulted in a number of SMSFs losing their complying status in error has now been rectified.

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ATO

ATO confirms TBC info availability

personal transfer balance cap

The date when individuals can begin to access their personal transfer balance cap information after the application of indexation has been confirmed.

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ATO, Tax

ATO reminds trustees of PAYG obligations

ATO PAYG obligations

The ATO has reminded trustees of the PAYG obligations for members who receive a super benefit payment as the reporting due date closes in.

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ATO, Technology

Super Fund Lookup error surfaces

super fund lookup error

A malfunction of the ATO’s Super Fund Lookup register has resulted in some SMSFs erroneously losing their complying status on the system.

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