News : ATO

ATO, Tax

NALI action won’t void RPL rules

NALI RPL LRBA

SMSFs with LRBAs through a related party lender should stay within NALI provisions despite the ATO taking a no-action position until mid-2021.

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ATO, Superannuation, Tax

SMSFA surveys members on ASIC relief impact

SMSF Association ASIC relief

The SMSF Association has asked its members for feedback on relief measures provided by ASIC in response to the coronavirus pandemic.

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Appointments, ATO

ATO SMSF leader moves on

ATO assistant commissioner SMSFs

The role of ATO assistant commissioner SMSF segment will be pass into new hands from next week as the regulator reassigns a number of key staff.

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ATO, Superannuation

ATO tells SMSFs to ignore off-target letters

ATO SMSFs letters

SMSFs that have received a letter requiring them to report claims for a contribution deduction should ignore them as they do not apply.

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ATO, Tax

ATO pushes NALE action out by year

ATO NALE action

The ATO will not take action on non-arm’s-length expenditure (NALE) of a general nature, allowing SMSF practitioners to work on their own funds for another 12 months.

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ATO, Documentation

ATO offers new commutation assistance service

commutation authority assistance

A new ATO service will allow trustees issued with a commutation authority to make direct contact with the regulator to resolve any problems.

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ATO, Superannuation

Super payment delays likely due to SMSF issues

early access SMSF

SMSFs unable to secure early access to their funds are likely to have issues within their funds including outstanding returns, according to the ATO.

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ATO, Pensions

Minimum pensions must be paid

low income pensions

Trustees drawing pensions based off low-returning assets will still have to draw the minimum amount and cannot sidestep that requirement, the ATO has said.

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ATO, Auditing

ATO flags key SMSF audit concerns

ATO SMSF auditors

The ATO has highlighted issues of concern it uncovered during its SMSF auditor performance reviews.

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ATO, Superannuation

Early release super processing resumes

Early release superannuation processing

Processing of COVID-19 early release superannuation applications has resumed after the ATO put the process on hold due to fraudulent activity.

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