News : ATO

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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ATO, Superannuation

ATO grants rent relief to SMSFs

ATO rent relief SMSF

The ATO has confirmed it will not take action against SMSFs providing tenants with rent reductions due to the impact of COVID-19.

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ATO, Property, Superannuation

Don’t game early release provisions

superannuation early release provisions

Superannuation money accessed under early release provisions should not be funnelled back to offset tax in or outside the fund, an SMSF administrator has warned.

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ATO, Investments

In-house asset obligations must be maintained

in-house asset relief

The ATO’s coronavirus relief provisions do not extend to in-house asset ratios or investment strategies, with trustees reminded to maintain their obligations.

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ATO, Superannuation

Actuaries want greater ATO involvement in super relief

ATO coronavirus relief

A call has been made for the ATO to play a more active role in the early release of superannuation benefits as a coronavirus financial relief measure.

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ATO, Superannuation

ATO issues SMSF early release details

SMSF early release

SMSF members have been given details about how they can gain early release to their funds under the government’s coronavirus relief provisions, with the ATO urging caution for trustees.

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ATO, Auditing

Tax agents tagged in SAN misuse probe

SAN misuse tax agents

The ATO has examined more than 1000 cases of SMSF auditor number (SAN) misuse and has taken against 90 people as part of its rolling compliance efforts.

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