News : ATO

ATO, Auditing

Tax agents tagged in SAN misuse probe

SAN misuse tax agents

The ATO has examined more than 1000 cases of SMSF auditor number (SAN) misuse and has taken against 90 people as part of its rolling compliance efforts.

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ATO

ATO glitch hits contribution amendments

ATO system contributions

The ATO has flagged a system issue impacting amendments to notional taxed contributions and defined benefit contributions for some defined benefit members.

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ATO, Property

ATO flags in-house asset exception concerns

SMSF property development

Trustees need to understand the key conditions for meeting the in-house asset exception before using ungeared related companies or unit trusts to invest in property development via their SMSF.

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ATO, LRBA

ATO flags new LRBA reporting in SAR

SAR LRBA

The ATO has highlighted key updates to the 2020 SMSF annual return form, including a change to LRBA reporting requirements.

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ATO, Superannuation

Downsizer errors face penalties

ineligible downsizer contributions

Downsizer contributions made by SMSF members who are ineligible to make them could attract an ATO penalty, a technical expert has said.

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ATO, Auditing

ATO issues auditor appointment reminder

appoint SMSF auditor

The ATO has reminded trustees they are legally required to appoint an approved SMSF auditor by 31 March or face the possibility of a large fine.

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ATO, Compliance

ATO data lifts need for warnings

ATO investment strategy compliance

New ATO data-checking abilities mean trustees need to comply with investment guidelines and advisers should be promoting this compliance.

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ATO, Superannuation

Angst over concessional cap records

concessional contributions

ATO record-keeping with regard to unused contributions caps able to be carried forward is still causing worry among SMSF tax agents.

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Administration, ATO

ATO wind-up advice unworkable

SMSF wind-ups

The guidance the ATO released for SMSF trustees regarding fund wind-ups has been described as unworkable from an audit perspective by a leading sector practitioner.

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ATO, Investments

ATO sets high investment strategy standard

SMSF investment strategy

The ATO’s expectations as to what should be contained in an SMSF investment strategy exceed the law, according to a specialist auditor.

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