News : ATO

ATO, NALI/NALE

NALE rules could catch small errors

NALE rules errors

Standard methods of correcting SMSF operational errors could put funds at risk of being caught by the non-arm’s-length expenditure rules.

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ATO, Auditing

Independence certainty impossible

auditor independence guarantee

The ATO has said it cannot guarantee any arrangements implemented by accounting firms will be compliant with the amended auditor independence standards.

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ATO, Property, Strategy

Downsizer contribution conditions clarified

downsizer contribution funds

Downsizer contributions will not be restricted only to funds secured from a property sale, with the ATO confirming its focus is on the amount and eligibility of the contribution.

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ATO, Compliance

ATO compliance grace period will end

ATO COVID-19 compliance

Trustees should not rely on the ATO’s no-action position to avoid dealing with compliance issues within their fund.

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ATO, Superannuation, Tax

NALI homework tripping up trustees

NALI rules SMSF trustees

SMSF trustees are still falling short of meeting the rules surrounding arm’s-length transactions despite many putting in the effort to better understand their obligations.

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ATO, Investments

Asset listing a strategy percentage alternative

Assets list investment strategy

A list of assets by type and monetary worth instead of by percentages is allowed in an SMSF investment strategy despite the ATO’s focus on the latter.

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ATO, Auditing

ATO confirms independence threat details

auditor independence threat

The ATO has confirmed what may threaten auditor independence when a large volume of business comes from a single referral sources.

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ATO, Auditing

SAN misuse reporting at new high

SAN misuse reporting

Auditors have responded positively to an ATO call for data regarding SMSF auditor number misuse, providing more insight into errors related to the annual audit process.

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ATO

ATO updates alert system

ATO SMSF alert system

The ATO has expanded the alerts it will provide to SMSF trustees when changes take place within their fund.

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ATO, Auditing

Outsourcing may not ensure audit independence

outsourcing auditor independence

Auditing firms enlisting the accounting services of other businesses to comply with the amended auditor independence standards should proceed with caution, the ATO says.

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