News : ATO

ATO, Superannuation

NALE may be proving ground for legal challenges

SMSF trustees need to take into account certain legislative and regulatory changes that will come into effect from 1 July 2021.

The recent focus on non-arm’s-length expenditure (NALE) by regulators may be a move to prevent any legal challenges in that area if the matter is brought to court.

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ATO

ATO letters should spark trustee education

ATO SMSF investment strategies

ATO letters examining SMSF investment strategies should lead to advisers educating trustees on their responsibilities, an SMSF expert says.

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ATO

ATO confirms tougher admin penalties stance

The ATO experienced a $1.4 million increase in administrative penalties collected in the 2019 financial year, according to the regulator’s most up-to-date data.

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Administration, ATO

Annual returns non-lodgement puts $45b at risk

SMSF annual returns

The non-lodgement of SMSF annual returns in 2019 has put in excess of $45 billion in superannuation assets at risk, according to the latest ATO data.

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ATO

ATO gets serious with admin penalties

ATO administrative penalties

The ATO has changed its approach to the use of administrative penalties and trustees need to be aware of the implications, an SMSF expert says.

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ATO, Property

DomaCom gets sole purpose guidance from ATO

DomaCom sole purpose ATO

DomaCom has received guidance from the ATO on how SMSFs can satisfy the sole purpose test when a property investment is rented by a related party of the fund.

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ATO, Superannuation

TBAR should be lodged when pension rolled over

TBAR pension rollover

Advisers assisting clients with a pension rollover to an APRA fund should make a TBAR at same time to avoid an ATO breach notice.

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ATO, Superannuation

Non-lodgement on the increase

SMSFs lodge annual return

The most recent ATO data has shown a jump in the number of newly registered SMSFs that have not logged the fund’s initial annual return.

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ATO

Move to real-time reporting more likely

real-time reporting transfer balance

Real-time reporting of transfer balance accounts is very likely and the SMSF sector will move away from the periodic reporting concessions currently in use.

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ATO, Financial Planning

ATO letters highlight value of advice

ATO letters value of advice

The letters sent by the ATO to SMSFs with a high concentration to a single asset or asset class were a “brutal” approach to compliance, but have highlighted the value of advice, an SMSF expert has claimed.

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