News : ATO

ATO to tailor lodgement deferral

April 6, 2020

The ATO has revealed its compliance approach to SMSFs requiring a time extension for their annual return lodgement obligations.

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ATO, Property

SMSFA applauds ATO rent stance

March 31, 2020

Darin Tyson-Chan

The ATO’s approach toward compliance regarding rental reductions for SMSF-held properties due to the financial impact of COVID-19 has been endorsed by the SMSF Association.

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ATO, Superannuation

ATO grants rent relief to SMSFs

March 30, 2020

Tharshini Ashokan

The ATO has confirmed it will not take action against SMSFs providing tenants with rent reductions due to the impact of COVID-19.

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ATO, Property, Superannuation

Don’t game early release provisions

March 30, 2020

Jason Spits

Superannuation money accessed under early release provisions should not be funnelled back to offset tax in or outside the fund, an SMSF administrator has warned.

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ATO, Investments

In-house asset obligations must be maintained

March 30, 2020

Jason Spits

The ATO’s coronavirus relief provisions do not extend to in-house asset ratios or investment strategies, with trustees reminded to maintain their obligations.

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ATO, Superannuation

Actuaries want greater ATO involvement in super relief

March 26, 2020

Darin Tyson-Chan

A call has been made for the ATO to play a more active role in the early release of superannuation benefits as a coronavirus financial relief measure.

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ATO, Superannuation

ATO issues SMSF early release details

March 25, 2020

Jason Spits

SMSF members have been given details about how they can gain early release to their funds under the government’s coronavirus relief provisions, with the ATO urging caution for trustees.

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ATO, Auditing

Tax agents tagged in SAN misuse probe

March 25, 2020

Jason Spits

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

March 18, 2020

Tharshini Ashokan

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

March 17, 2020

Tharshini Ashokan

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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