News : ATO

ATO, Superannuation

Good behaviour will not cancel penalties

good behaviour SMSF penalties

The ATO will look favourably on well-behaved SMSF trustees, but they should not expect to get off scot-free when breaches occur, an SMSF expert has warned.

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ATO, Superannuation

ATO prevents illegal access to $126m

ATO illegal access SMSFs

The ATO’s front-door compliance program for SMSFs prevented illegal access to over $126 million in retirement savings during the 2020 financial year.

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ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

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ATO, Superannuation

SG amnesty impact can be eased

SG amnesty

Super guarantee amnesty payments do not necessarily have to be recognised in the financial year in which they are received, a technical manager has said.

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ATO, Compliance

ATO penalties must be defensible and just

ATO penalties SMSF

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

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ATO, Compliance

Trustee steps to shape penalties

SMSF trustee ATO penalties

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

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ATO, Auditing

ATO gives auditors independence grace period

ATO auditor independence

Firms not complying with the recently restructured APES 110 Code of Ethics for Professional Accountants will not be immediately penalised, the ATO says.

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ATO

ATO clarifies death benefit rollover details

death benefit rollover

The ATO has clarified the status of how death benefit rollovers should be reported and how payments should be made following changes which were made law in June of this year but backdated to 1 July 2017.

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Appointments, ATO

ATO makes key SMSF appointment

ATO SMSF appointment

The ATO has appointed a senior executive to a key role assisting SMSFadvisers, auditors and trustees to meet their obligations.

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ATO, Pensions

No leeway on overpaid pensions

minimum pension payments

Formal elections made at the start of the 2019/20 financial year as to the treatment of payments made above the minimum pension are unlikely to allow any re-classification of drawdowns in excess of the COVID-19 reduced threshold, a senior executive at an industry body has indicated.

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