News : ATO

ATO, Compliance

Voluntary disclosure best compliance action

voluntary disclosure trustees

Trustees should reveal their compliance issues via the ATO’s voluntary disclosure program as soon as possible, the regulator says.

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ATO, Regulation

ATO will seek further NALE input

ATO NALE

The ATO will give the SMSF sector a final opportunity to provide feedback on the NALE rules for practitioners and has also defended ASIC’s cost fact sheet.

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ATO, Education

ATO trustee course takes shape

Trustees course

An SMSF trustee competency assessment is currently being finalised by the ATO.

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ATO, Superannuation

Contributions level out after 2017 reforms

SMSF contributions

The SMSF sector reverted to normal in 2017/18 after uncharacteristically high contributions in 2016/17, the latest ATO data shows.

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ATO, Regulation

Death benefit lump sums unclear

Death benefit lump sums

The ATO is yet to clarify if multiple lump sum payments can be made from death benefit pensions.

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ATO, Superannuation

Sector data has limited relevance

SMSF data

Overall SMSF data can reflect the state of the sector, but has limited application when considered at fund level.

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ATO, LRBA

ATO broadens LRBA strategies

LRBA strategies

Limited recourse borrowing arrangements can now legally be structured in more ways due to an instrument released by the ATO.

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ATO, Superannuation

SMSF sector grows, new fund numbers drop

SMSF sector growth

The SMSF sector has continued to grow despite a drop in the number of new funds in the December quarter 2019, the latest ATO statistical report shows.

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ATO, Tax

Loan deferrals need safe harbour clarity

loans deferrals safe harbour

Further guidance from the ATO is required to indicate how the related-party loan safe harbour rules can potentially be amended for COVID-19 loan deferrals, a technical expert has suggested.

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ATO, Superannuation

ATO watching early release claims

superannuation early release

The ATO has repeated warnings it will act against people abusing the early release scheme and has informed them they are being tracked.

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