News : ATO

ATO, Compliance

New funds monitored for illegal access

SMSF Self-managed superannuation ATO Super Fund Lookup SFLU Registration Establishment illegal access

The ATO is closely monitoring the registration details of new SMSFs to identify any fraudulent activity or attempts to illegally access superannuation entitlements.

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ATO, Auditing

Auditor mail-out about education

ATO Paul Delahunty Self-managed superannuation SMSF auditors Asset valuations Mail-out

The ATO has made clear the purpose of the mail-out it undertook to SMSF auditors to allay practitioner fears of any compliance implications.

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ATO, Auditing

ATO deploys new audit program

ATO Paul Delahunty SMSF audits Self-managed superannuation

A new program is underway to give the ATO a better insight into the workings of firms considered to be conducting a high number of SMSF audits.

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ATO, SMSF, SuperStream

Push to use SuperStream needed

SuperStream Rollovers SMSF self-managed superannution ATO ASF Audits Shelley Banton ACIS

Auditors are finding SMSF trustees are still not using SuperStream for rollovers out of their fund and the failure to do so will be reported as a breach to the ATO.

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AAT, ATO, Compliance, Contributions, Superannuation

Divorce doesn’t alter contribution rules

Non-concessional contribution Divorce AAT Total superannuation balance ATO Special circumstances

The AAT has upheld an ATO decision that divorce-related superannuation splits are not special circumstances that alter how contribution caps will be applied.

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ATO, Compliance, Regulation

Sole purpose tough with some transactions

SMSF Self-managed superannuation Sole purpose test Related party Property development ATO Cooper Partners Financial Services Jemma Sanderson

SMSFs may be better off avoiding complex related-party transactions if the effort to enact them exceeds the work required to comply with the sole purpose test.

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ATO, In-house assets, Regulation

Complexity raises sole purpose risk

SMSF Self-managed superannuation Sole purpose test Related party transaction current day benefit Cooper Partners Financial Services Jemma Sanderson

SMSF trustees and practitioners should look beyond obvious issues regarding the sole purpose test when dealing with related parties as greater complexity raises the likelihood of breaching it.

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ATO, SMSFA, Superannuation

Spike in super release for medical costs

Release of superannuation Compassionate grounds Medical treatment ATO Dental Weight-loss

Requests to access superannuation on compassionate grounds rose in 2023/24, with a notable lift in applications for dental and weight-loss treatments.

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ATO, Pensions

TR 2013/5 amplifies ATO discretion

Minimum pension Tax ruling TR 2013/5 Accurium Mark Ellem SMSF Self-managed superannuation

The update to Tax Ruling 2013/5 means the discretionary powers of the ATO will likely be more significant when a minimum pension has not been paid.

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ATO, SMSF

Younger members keep driving growth

ATO SMSF statistical report New funds establishment self-managed superannuation

Over 30,000 new SMSFs were established in the 2024 income year, with a record number created in the June quarter, largely driven by younger cohorts.

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