News : ATO

ATO, Payday Super, Superannuation

Active Payday Super compliance required

SMSFs must take proactive steps to be ready for Payday Super or risk employer contributions failing to reach their fund.

SMSFs must take proactive steps to be ready for Payday Super or risk employer contributions failing to reach their fund.

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ATO, Payday Super, Superannuation

Payday Super guidance needs more work

Draft guidance on how Payday Super will operate lacks consistency and needs improvements before it is issued to employers and funds.

Draft guidance on how Payday Super will operate lacks consistency and needs improvements before it is issued to employers and funds.

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ATO, Documentation, SMSF

ATO targeting tardy funds, practitioners

SMSFs with a track record of lodging annual returns late will be targeted in the next financial year with a key area of focus being practitioners.

SMSFs with a track record of lodging annual returns late will be targeted in the next financial year with a key area of focus being practitioners.

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ATO, Compliance, Documentation

Release authority non-compliance increasing

The ATO has indicated a larger number of SMSFs are failing to act on release and commutation authorities issued to them.

The ATO has indicated a larger number of SMSFs are failing to act on release and commutation authorities issued to them.

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ASIC, ATO, Auditing, SMSF, SMSFA

Sector criticism groundless

Recent claims from certain industry quarters that SMSFs are not properly governed have been refuted by the sector’s peak representative body.

Recent claims from certain industry quarters that SMSFs are not properly governed have been refuted by the sector’s peak representative body.

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ATO, Auditing, Compliance

Auditors reminded to check trustee status

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

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ATO, Division 296, Superannuation, Tax

SAR to include new Div 296 label

The SMSF annual return for the 2027 income year will include a new label to facilitate the reporting of earnings for the Division 296 tax.

The SMSF annual return for the 2027 income year will include a new label to facilitate the reporting of earnings for the Division 296 tax.

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ATO, Auditing, Compliance

ATO monitoring auditor workload

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

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ATO, Technology

Improve tax agent portal communications

Greater transparency and better communications with tax agents are key areas of improvement that should be made to the ATO's online service portal.

Greater transparency and better communications with tax agents are key areas of improvement that should be made to the ATO’s online service portal.

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ART, ATO

ART backs ATO’s trustee disqualification

The ART has backed the ATO’s disqualification of a trustee over breaches of the sole purpose test, noting it was their duty to comply with the law.

The ART has backed the ATO’s disqualification of a trustee over breaches of the sole purpose test, noting it was their duty to comply with the law.

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