News : ATO

ATO, Auditing, Compliance, SMSF

ATO auditor notices spark confusion

SMSF Self-managed superannuation SMSF auditors ATO Unchanged asset valuations

SMSF auditors are confused by the ATO’s compliance program targeting funds with unchanged asset valuations due to unclear guidance on which funds are at risk.

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Administration, ATO, financial advice

Event-based reporting a struggle

Event based reporting SMSF Self-managed superannuation Investment Trends Yigit Gunhan

Event-based reporting imposed by the ATO has emerged as a significantly increasing challenge for advisers in servicing the SMSF sector.

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ATO, SMSF, Tax

ATO releases Division 293 caution

Division 293 Self-managed superannuation ATO SMSF Release authority

SMSF trustees must follow ATO procedures before paying a Division 293 liability with monies from their superannuation funds or risk breaching their compliance obligations.

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Administration, ATO, SMSF

Compliance focus impacts wind-ups

ATO SMSF Wind-up Compliance activities

The ATO’s increased emphasis on its compliance activities has had a significant impact on the number of SMSFs wound up this year.

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ATO, Contributions, SMSF, Strategy

Recontribution tax benefits okay

ATO PBR Withdrawal Recontribution strategy

Several tax benefits resulting from a withdrawal and recontribution strategy have been deemed legal in a recent ATO private binding ruling.

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ATO, Auditing, SMSF

ATO updates SMSF auditor’s report

ATO SMSF independent auditors report ASQM1 ASQC1 SMSF auditors

The SMSF independent auditor’s report has been updated, reflecting changes to audit standards that came into effect in late 2022.

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Administration, ATO, Contributions, SMSF

Contribution reserving admin clumsy

Contribution reserving Concessional contribution ATO Administration SMSF SMSF annual return

Practitioners and their SMSF clients must understand the proper administrative procedure involved with a contribution reserving strategy.

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ATO, Compliance, Investments, SMSF

Unchanged asset values on notice

SMSF annual return Asset values Auditors ATO Contravention reports

The ATO will be paying particular attention to SMSFs that continue to report unchanged asset values and will be focusing on annual returns to be lodged later this year.

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Administration, ATO, Compliance, Regulation, SMSF

Active member test hinges on contributions

Active member test Contribution SMSF Residency ATO PBR

An SMSF can still meet the active member test if a trustee leaves Australia for an extended period, but the fund’s complying status will depend on contributions made during that time.

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