News : ATO

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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ATO, Superannuation

ATO, AFP investigating early access fraud

ATO early access fraud

The ATO is examining if fraud was involved in some cases of early access to superannuation that occurred via a third party and may have affected 150 people.

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ATO, Documentation

ATO open to digital signature use

ATO digital signature

Using a digital signature is an acceptable option for trustees unable to meet their SMSF financial statement signature requirements as a result of social distancing measures, the ATO says.

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ATO, Property

Rent records vital to ATO no-action position

Rent relief SMSF

Trustees must ensure any changes to property leases are well documented in order to be included in the ATO’s updated no-action position on COVID-19 rent relief provided by SMSF landlords, a legal expert says.

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ATO, Superannuation

Govt tips over 1.5m early access applications

early access super

The government expects over 1.5 million people to apply for early release of their super under its COVID-19 relief measure.

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ATO, Documentation

ATO defers SAR lodgement date

ATO SAR lodgement

The lodgement date for SMSF annual returns has been automatically pushed out to 30 June for all funds in the latest COVID-19 relief measure from the ATO.

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ATO

PBRs may not be loan safety net

ATO private rulings NALI

ATO private binding rulings may not offer infinite protection from being caught by the non-arm’s-length income rules with regard to SMSFs with related-party loans, a specialist law firm has warned.

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ATO, Compliance

Early super access possible for TRIS members

Early super access TRIS

Members with a TRIS might be able to access their super early if it consists of preserved or restricted non-preserved benefits, the ATO says.

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