News : ATO

ATO, Superannuation

Data-matching time lag warning

ATO data-matching

The director of a financial services firm has flagged the significance of the time it takes the ATO to issue excess contribution notices and the consequences this situation can have.

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ATO, Pensions

ATO extends commutation assistance service

ATO commutation assistance

The ATO has extended the time for trustees issued with a commutation authority to make direct contact and seek assistance with any problems.

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ATO, Superannuation

Most SMSF early access legitimate

SMSF early access

The ATO has found most applications for early release from SMSFs was legitimate, but is taking a closer look at 2000 claims.

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ATO, Auditing

ATO reverses stance on auditor reporting

auditors reports contraventions

The ATO has asked auditors to include any contraventions within an SMSF due to COVID-19-related relief in their independent reports, reversing a position adopted earlier this year.

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ATO

ATO stats reflect TBC impact

ATO statistics transfer cap

The introduction of the transfer balance cap has had a significant impact on SMSF member behaviour as indicated by the latest ATO sector statistics, a technical expert has said.

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ATO, Auditing

Part A qualifications off ATO radar

Part A qualifications

SMSFs with Part A qualifications in their annual return should check why they occurred as not all issues need to be reported to the ATO, a technical expert has said.

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ATO, Superannuation

SuperStream compliance date pushed out

SuperStream

Super funds have been given a six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream, with a failure to do so not considered a breach during that period.

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ATO, Property

ATO seeks input on in-house asset exclusion

in-house asset exclusion

The ATO’s draft legislative instrument excluding SMSFs that provided COVID-19 rent deferrals from acquiring in-house assets is open for consultation.

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ATO, Documentation

No part for ATO in deed changes

ATO SMSF trust deeds

An SMSF trust deed stipulating any change to it requires ATO approval cannot satisfy this condition, the partner of a legal firm has said.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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