News : ATO

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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ATO, Documentation, Tax

Expand in-house asset relief to more entities

in-house asset relief

The ATO should expand the number of entities within an SMSF that are able to claim in-house asset relief related to COVID-19 rent relief.

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Administration, ATO, Documentation

ATO spells out supervisory levy requirements

SMSF supervisory levy

The ATO has moved to better explain some variations to the annual supervisory levy SMSF trustees are required to pay when they lodge the fund’s annual return.

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ATO, Superannuation

ATO on SAR lodgement warpath

SMSF annual return lodgement

The ATO has issued a stern warning to the entire SMSF sector over funds that either have not lodged or are late in lodging the requisite annual return.

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ATO, Property

Regulator bulletin may be misleading

ATO property development

An ATO instrument regarding lease arrangements pertaining to property developments held by SMSFs is potentially misleading, a specialist lawyer has said.

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