News : ATO

ATO, Death benefits, Pensions

Commutation delays may alter benefit

ATO private ruling commutation member benefit

SMSF trustees who fail to promptly action a request for a pension commutation may cause it to be treated differently by the ATO if the member’s circumstances change.

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ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

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ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

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ATO, Tax

Check determinations for errors

ATO determinations errors SMSF

SMSF practitioners should check ATO determinations issued to clients are correct as there are no guidelines for recontributing money withdrawn due to an incorrect determination.

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ATO, NALI/NALE, Tax

NALI case shows exact evidence need

AAT NALI evidence

SMSFs gathering evidence to prove arrangements do not breach NALI provisions have been shown the level of detail needed to defend a challenge in a recent AAT case.

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ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

Superannuation reserves

The ATO has seen the number of reserves being used by SMSFs significantly diminish and no longer regards this as a concerning compliance issue.

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ATO, Compliance, SMSF, Tax

Tax agent banning decision upheld

Tax practitioners board ban

The AAT has upheld the Tax Practitioners Board’s decision to terminate the tax agent registration of a Victorian tax agent as a result of deliberate misleading conduct.

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ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

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ATO, Pensions, Regulation, Superannuation

Commissioner TBC ruling not unconstitutional

Transfer balance cap

The Administrative Appeals Tribunal has upheld a decision by the tax commissioner that commuting an excess over the transfer balance cap was unconstitutional and carried out on unjust terms.

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ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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