News : ATO

ATO, Superannuation

SMSF sector grows, new fund numbers drop

SMSF sector growth

The SMSF sector has continued to grow despite a drop in the number of new funds in the December quarter 2019, the latest ATO statistical report shows.

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ATO, Tax

Loan deferrals need safe harbour clarity

loans deferrals safe harbour

Further guidance from the ATO is required to indicate how the related-party loan safe harbour rules can potentially be amended for COVID-19 loan deferrals, a technical expert has suggested.

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ATO, Superannuation

ATO watching early release claims

superannuation early release

The ATO has repeated warnings it will act against people abusing the early release scheme and has informed them they are being tracked.

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ATO, Superannuation

Clearer cost data welcomed

SMSF expense data

The latest ATO SMSF statistical overview for the 2018 financial year has been commended by a peak industry body for providing more accurate expense data about the sector.

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ATO, Superannuation

Wind-ups peak but growth continues

SMSF wind-ups

New ATO data shows the level of SMSF wind-ups peaked in 2017/18, but the size of the SMSF sector continues to grow steadily.

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ATO, Tax

Not all NALI is off ATO radar

ATO NALI provisions

The ATO’s recent ‘no-action’ stance on some non-arm’s-length income (NALI) positions has overshadowed the fact that other provisions have applied since 2018.

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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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