News : ATO

ATO, Superannuation

SG amnesty impact can be eased

SG amnesty

Super guarantee amnesty payments do not necessarily have to be recognised in the financial year in which they are received, a technical manager has said.

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ATO, Compliance

ATO penalties must be defensible and just

ATO penalties SMSF

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

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ATO, Compliance

Trustee steps to shape penalties

SMSF trustee ATO penalties

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

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ATO, Auditing

ATO gives auditors independence grace period

ATO auditor independence

Firms not complying with the recently restructured APES 110 Code of Ethics for Professional Accountants will not be immediately penalised, the ATO says.

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ATO

ATO clarifies death benefit rollover details

death benefit rollover

The ATO has clarified the status of how death benefit rollovers should be reported and how payments should be made following changes which were made law in June of this year but backdated to 1 July 2017.

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Appointments, ATO

ATO makes key SMSF appointment

ATO SMSF appointment

The ATO has appointed a senior executive to a key role assisting SMSFadvisers, auditors and trustees to meet their obligations.

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ATO, Pensions

No leeway on overpaid pensions

minimum pension payments

Formal elections made at the start of the 2019/20 financial year as to the treatment of payments made above the minimum pension are unlikely to allow any re-classification of drawdowns in excess of the COVID-19 reduced threshold, a senior executive at an industry body has indicated.

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ATO, Pensions

Market-linked pension tax relief not on table

Market-linked pension tax

The ATO cannot provide relief to SMSFs that have commuted a pre-2017 market-linked pension which has resulted in an excess transfer balance tax determination.

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ATO, Auditing

ATO confirms auditor report NALE requirements

SMSF auditors NALE

The ATO has stated SMSF auditors are not required to modify their independent reports with respect to NALE where the compliance approach in PCG 2020/5 applies.

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ATO, Tax

Div 7A interest must be separate

division 7a interest

A technical specialist has warned the interest charged on Division 7A loans cannot be treated as it is with other borrowing facilities under the coronavirus relief measures.

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