News : ATO

Administration, ATO, Pensions

ATO guidance needed on transitional TBA confusion

transitional TBA confusion

A lack of understanding about the TBA reporting requirements has resulted in pensions being double counted and members being unnecessarily penalised, an SMSF expert has claimed.

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ATO, Auditing

Reciprocal auditing may attract ASIC action

Reciprocal auditing ASIC action

The ATO has identified reciprocal auditing arrangements as a risk to auditor independence and recommended auditors stop the practice to avoid greater scrutiny or regulatory action.

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ATO

ATO working on more meaningful performance data

ATO SMSF performance data

The ATO is working to improve the data SMSF trustees can use to compare their fund performance against that of large public offer superannuation funds.

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ATO, LRBA

Business as usual for LRBA, NALI reporting

ATO reporting NALI LRBA

The ATO has announced SMSFs should continue reporting LRBAs and NALI according to existing instructions until pending changes in these areas pass into law.

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ATO, Pensions

Confusion again surrounds death benefit pensions

treatment of death benefit pensions

A recent ATO update regarding the treatment of death benefit pensions that have failed to meet minimum pension standards has raised more questions for the sector.

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ATO, Compliance, Pensions

ATO concessions critical to avoid pension penalties

ATO concessions death benefit

Trustees of funds that have underpaid their death benefit income streams must first determine whether the ATO’s administrative concession applies to their situation, an SMSF online service provider says.

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ATO, Regulation

Sector angst over administrative penalties

SMSF administrative penalties

Recent events indicate the ATO has changed its approach to issuing SMSF administrative penalties for legislative breaches, with the development raising sector concerns.

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ATO, Financial Planning

Advice key to rising SMSF establishment balances

SMSF establishment balances rise

The rise in SMSF establishment balances revealed in the latest ATO statistics reflects a vast improvement in the level of financial advice within the sector, the SMSF Association says.

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Administration, ATO

ATO addresses ineligible downsizer contributions

ineligible downsizer contributions

The ATO has highlighted the correct administration process for ineligible downsizer contributions for SMSF trustees.

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ATO, Pensions

ATO prompts funds, members to report income streams

SMSF income streams report

SMSF members receiving a defined benefit income stream have been reminded of their reporting duties to the ATO, which has given them about a month to lodge an annual report.

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