News : ATO

ATO, Auditing

ATO flags audit pooling risks

ATO audit pooling risks

Audit pooling arrangements to sidestep restructuring costs and comply with new audit independence standards carries many risks, the ATO has noted in new guidance.

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ATO

ATO warns against illegal SMSF scheme

illegal SMSF scheme

A new scheme targeting SMSF trustees could expose them to civil and criminal actions and put their retirement savings at risk, the ATO says.

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ATO

Exceeding TBC requires prompt action

exceeding tbc

Advisers must act quickly to clear up any issues for SMSF clients who are found to have exceeded their TBC under the new indexation rules that will soon apply.

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ATO, Superannuation

SMSF growth steady, but expenses rise too

SMSF sector growth

New ATO data has revealed steady growth in the SMSF sector, but funds have not been able to escape an increase in running costs.

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ATO, Documentation

ATO flags SAR non-lodgement letters

ATO annual returns

The ATO will be sending letters to SMSF trustees with outstanding annual returns warning them a failure to lodge will carry penalties.

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ATO, Auditing

Two clear rules for tax agents

tax agents audit rules

The ATO has specified two situations under which it will not allow tax agents to perform an SMSF audit, adding to its practical guidance around the issue.

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ATO, Compliance

Missing details most common SAR error

SMSF annual return errors

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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ATO, LRBA

Privately funded LRBAs assured of tax relief

Privately funded LRBAs

The SMSFA has welcomed an ATO statement that LRBAs using private borrowings will not have an adverse tax outcome under COVID-19 relief measures.

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ATO

ATO praises SMSF sector

ATO praises SMSF sector

The tax commissioner has praised the efforts of the SMSF Association and its members in implementing COVID-19 relief measures and ensuring trustees maintained their obligations in 2020.

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ATO

SMSFA calls for NALE clarity

SMSF Association NALE clarity

While the SMSF sector awaits a final ruling on the handling of non-arm’s-length expenses (NALE) rules, a further call has been made for greater clarity around what trustees can and can’t do for their fund.

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