News : ATO

ATO, Superannuation

NCC breaches on ATO radar

Deliberate NCC breaches

Calculated efforts to game the non-concessional contributions (NCC) cap to reduce tax are known to the ATO, which will consider them as tax evasion.

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ATO, Compliance

ATO flags trustee eligibility concerns

ATO SMSF trustees eligibility

The ATO has reminded potential SMSF trustees and directors of SMSF corporate trustees about their eligibility obligations.

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Administration, ATO

Real-time data case not strong

ATO real-time data SMSF

The high number of non-lodgers of SMSF annual returns has been noted as a key area impeding the rollout of real-time reporting, according to the ATO.

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ATO, Superannuation

ATO issues update on new TBC debit

Rules to watch in the months ahead

The ATO has warned trustees that new transfer balance cap (TBC) debit rules might affect them following recent changes to superannuation rules.

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ATO, Auditing

ATO still finding issues with auditors

ATO SMSF auditors

An ongoing review of SMSF auditors has continued to find concerns with their practices, with some being referred to ASIC for further action.

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ATO, Investments

ATO regrets tone but not intent of letters

ATO investment letters

The ATO will continue to take a proactive stance in contacting trustees about matters of concern, despite admitting it erred in its communication on investment strategies.

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ATO, Compliance

ATO toughens breach stance

ATO trustees breaches

The ATO will give fewer warnings but more penalties to SMSFs that breach their obligations under a recalibrated enforcement model.

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ATO

Non-lodgement numbers remain high

annual return non-lodgement

The ATO will ask thousands of SMSFs why they should not be ruled non-compliant as the numbers that have not lodged an annual return remain high.

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ATO, Auditing

Auditors slow to respond on SAN misuse

SAN misuse

SMSF auditors have been slow in coming forward about the misuse of their auditor numbers, but the ATO has increased action on reported cases.

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ATO, Tax

Sector won’t win NALE battle

NALE SMSF

Change to non-arm’s length expenses (NALE) provisions are unlikely but better guidance on its application will be forthcoming, according to an SMSF technical expert.

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