News : ATO

ATO, Strategy

ATO view on SMSF asset ranges correct

SMSF asset ranges

The ATO is right to say SMSF investment strategy documentation with ranges of 0 per cent to 100 per cent is unacceptable, according to an SMSF expert.

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ATO, Superannuation

TBC indexation poses new complications

TBC indexation

The indexation of the general transfer balance cap, which could occur in mid-2020, will result in a higher level of complexity for trustees to contend with, an SMSF expert says.

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ATO, Superannuation

Personal use provisions can address NALE costs

personal use NALE

Existing tax rules around the private use of business resources could offer a simple solution to non-arm’s-length expenses inside an SMSF.

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ATO, Investments

ATO cannot scrutinise chosen investments

SMSF investment strategies

The ATO does not have powers to assess investments but trustees need to ensure they match documented strategies, an SMSF service provider has warned.

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ATO, Retirement, Tax

ATO seeks help on tax avoidance

ATO retirement schemes tax

The ATO has flagged a number of retirement planning schemes that may be involved in tax avoidance and has asked trustees and advisers to report their promotion.

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ATO

Super information can’t be cherry-picked

Lacey v Commissioner of Taxation

Certain ATO material cannot be used in isolation to determine a superannuant’s particular course of action to address an issue, a recent Administrative Appeals Tribunal case has determined.

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ATO, Auditing

Auditor number misuse identified

SMSF auditor number

The ATO has now identified the more serious cases of SMSF auditor number abuse and has vowed to prosecute tax agents connected with them.

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ATO, Property

Fractional investments okay post Aussiegolfa

ATO fractional investments SMSF

The ATO will consider the use of fractional property investments inside SMSFs, but will require providers to seek its approval first.

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ATO, Superannuation, Tax

TBC indexation may take place in 2020

TBC indexation

The ATO has told trustees the expected indexation of the general TBC could occur as early as mid-2020.

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ATO

ATO confirms division 293 tax payment method

Division 293 tax payment

The ATO has informed SMSF trustees and tax agents that division 293 tax liabilities can be paid from superannuation monies.

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