News : ATO

ATO, Technology

Six-member fund registration from mid-August

six-member fund registration

The ATO will need a further four weeks to get its systems in place to handle the registration of six-member funds.

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ATO, Superannuation

Personal TBC data available, but still in flux

personal TBC ATO

The SMSF Association has reminded fund members they can now access their personal TBC information, but it may still change as the ATO updates its records.

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ATO, Property

AAT call casts shadow on 13.22c developments

13.22c real estate developments

Real estate developments in a 13.22c unit trust should be tested with the ATO before commencing after a recent case threw doubt on their validity.

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ATO, Auditing

Transitional approach to SuperStream

ATO SuperStream

The ATO has committed to applying a transitional period for SMSFs that do not comply with the new SuperStream requirements at 1 October 2021.

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ATO, Superannuation

SuperStream start date fixed

SuperStream rollover

SMSF trustees and planners are being advised to prepare for the SuperStream rollover changes with the ATO stating the 1 October start date will not be moved.

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ATO, Auditing

ATO releases new valuation guidelines

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

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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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