News : ATO

ATO issues update on new TBC debit

February 25, 2020

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

February 24, 2020

Jason Spits

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

February 24, 2020

Jason Spits

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

February 20, 2020

Jason Spits

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

February 20, 2020

Jason Spits

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

February 20, 2020

Jason Spits

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

February 19, 2020

Jason Spits

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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ATO

ATO shares investment guidance

February 18, 2020

Tharshini Ashokan

The ATO has released trustee guidance based on the outcomes of its letter-writing campaign to 17,700 SMSFs last year.

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ATO

ATO fixes ESA alert error

February 17, 2020

Tharshini Ashokan

The ATO has confirmed it is working on the recent electronic service address (ESA) issue that has resulted in SMSF trustees receiving direct alerts from the regulator in error.

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ATO, LRBA

ATO begins intermediary LRBA consultation

February 13, 2020

Tharshini Ashokan

The ATO has announced its draft legislative instrument regarding intermediary limited recourse borrowing arrangements is open for consultation until mid-March.

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