News : ATO

ATO

Now a good time to come clean

ATO SMSF breaches

No-action positions taken by the ATO should encourage SMSF trustees to voluntarily tackle other compliance-related issues in their funds, an SMSF lawyer has advised.

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ATO, Auditing

Latest ATO mail-out reveals more SAN misuse

ATO SAN misuse

The ATO has uncovered over 700 instances of SMSF auditor number misuse relating to SMSF annual returns for the 2019 financial year.

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ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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ATO, Auditing

High-risk contraventions on rise

High-risk contraventions

The proportion of auditor contravention reports compared to SMSFs remained low over the 2020 financial year, but a rise in the number of high-risk and unrectified reports is cause for concern, the ATO says.

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ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

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ATO, Superannuation

Good behaviour will not cancel penalties

good behaviour SMSF penalties

The ATO will look favourably on well-behaved SMSF trustees, but they should not expect to get off scot-free when breaches occur, an SMSF expert has warned.

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ATO, Superannuation

ATO prevents illegal access to $126m

ATO illegal access SMSFs

The ATO’s front-door compliance program for SMSFs prevented illegal access to over $126 million in retirement savings during the 2020 financial year.

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ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

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ATO, Superannuation

SG amnesty impact can be eased

SG amnesty

Super guarantee amnesty payments do not necessarily have to be recognised in the financial year in which they are received, a technical manager has said.

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ATO, Compliance

ATO penalties must be defensible and just

ATO penalties SMSF

ATO case officers must have defensible reasons for imposing multiple penalties on an SMSF trustee, new guidelines have revealed.

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