News : ATO

ATO, Property

Rent records vital to ATO no-action position

Rent relief SMSF

Trustees must ensure any changes to property leases are well documented in order to be included in the ATO’s updated no-action position on COVID-19 rent relief provided by SMSF landlords, a legal expert says.

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ATO, Superannuation

Govt tips over 1.5m early access applications

early access super

The government expects over 1.5 million people to apply for early release of their super under its COVID-19 relief measure.

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ATO, Documentation

ATO defers SAR lodgement date

ATO SAR lodgement

The lodgement date for SMSF annual returns has been automatically pushed out to 30 June for all funds in the latest COVID-19 relief measure from the ATO.

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ATO

PBRs may not be loan safety net

ATO private rulings NALI

ATO private binding rulings may not offer infinite protection from being caught by the non-arm’s-length income rules with regard to SMSFs with related-party loans, a specialist law firm has warned.

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ATO, Compliance

Early super access possible for TRIS members

Early super access TRIS

Members with a TRIS might be able to access their super early if it consists of preserved or restricted non-preserved benefits, the ATO says.

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ATO, Superannuation

In-house asset relief has limits

in-house asset

Trustees looking to correct an in-house asset breach from 2019 should take whatever action necessary to rectify it as the ATO will still be taking a look at any issues in that area.

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ATO

ATO to assess NALI at fund level

ATO NALI

No sector-wide directive on how to treat non-arm’s-length income issues arising from the COVID-19 financial relief measures will be delivered by the ATO.

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ATO, Superannuation

Demand for early super access high

Early release super

Over 350,000 registrations of interest in the COVID-19 early release of super relief measure have been received by the ATO as at the beginning of April.

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ATO, Documentation

ATO to tailor lodgement deferral

SMSF return lodgement

The ATO has revealed its compliance approach to SMSFs requiring a time extension for their annual return lodgement obligations.

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ATO, Property

SMSFA applauds ATO rent stance

ATO rent reduction

The ATO’s approach toward compliance regarding rental reductions for SMSF-held properties due to the financial impact of COVID-19 has been endorsed by the SMSF Association.

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