News : ATO

ATO, Property

ATO announces rent relief determination

rent relief determination

The ATO has released a legislative instrument determination addressing COVID-19 rent relief deferrals granted by SMSF landlords to related-party tenants.

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ATO, Property

Rent relief determination close

Rent relief determination

A legislative instrument determination from the ATO is imminent to address in-house asset-related issues arising from situations where SMSF landlords have granted rent relief to related-party tenants.

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ATO, Documentation

Asset valuation breaches spike

Asset valuation breaches SMSF

Compliance breaches regarding the valuation of SMSF assets have risen significantly over the past few years, the ATO has revealed.

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ATO, Superannuation

Accounts deadline for ATO only

SMSF financial accounts ATO

A proposed deadline for the finalisation of SMSF accounts will only increase the penalties the ATO can apply and do nothing for SMSFs, industry bodies have claimed.

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ATO

ATO flags valuation guidelines

SMSFs market valuation

The ATO has stressed the need for correct market valuations of assets for SMSF annual returns.

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ATO

Now a good time to come clean

ATO SMSF breaches

No-action positions taken by the ATO should encourage SMSF trustees to voluntarily tackle other compliance-related issues in their funds, an SMSF lawyer has advised.

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ATO, Auditing

Latest ATO mail-out reveals more SAN misuse

ATO SAN misuse

The ATO has uncovered over 700 instances of SMSF auditor number misuse relating to SMSF annual returns for the 2019 financial year.

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ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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ATO, Auditing

High-risk contraventions on rise

High-risk contraventions

The proportion of auditor contravention reports compared to SMSFs remained low over the 2020 financial year, but a rise in the number of high-risk and unrectified reports is cause for concern, the ATO says.

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ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

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