News : ATO

ATO, Compliance, SMSF

Sole purpose test misinterpreted

ATO SMSF Sole purpose test Property development

The application of the sole purpose test is often misunderstood when SMSFs become involved in a property development arrangement.

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ATO, Regulation, SMSF

Non-residency must be reported

Annual return ATO SMSF Residency Central management and control test

The non-resident status of an SMSF must be reported to the ATO rather than it informing practitioners of that fact as they would have the information before the regulator.

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ATO, Auditing

ATO auditor data revelations

SMSF Self-managed superannuation SMSF auditor ASIC ATO referrals DBA Lawyers Bryce Figot audit evidence market valuations

ATO SMSF auditor guidance is a useful reference tool to mitigate compliance issues these practitioners may encounter when performing their duties.

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ATO, Superannuation

Line between adviser and promoter thins

Illegal early release Illegal early access superannuation SMSF Association Mary Simmons PS LA 2021/1

The most recent update of Practice Statement Law Administration 2021/1 has broadened the ATO’s powers regarding illegal early release schemes.

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ATO, Compliance

Penalty regime for promoters updated

ATO Promoter penalty regime PSLA 2021/1 Illegal early access superannuation

The ATO will have more time and a wider brief to target those who promote schemes to gain illegal early access to superannuation.

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ATO, Trusts

Class updates trust income reporting

Class Trust Tim Steele ATO MTAS Modernisation of Trust Administration Systems Trust Income Schedule SMSF Self-managed superannuation

Class has updated the trust income reporting capabilities in its software to bring it in line with new ATO standards that now apply.

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ATO, fraud, SMSF

Pursue illegally accessed monies

SMSF Self-managed superannuation Bobbin Lawyers Peter Bobbin Illegal drawdown

Trustees should try to recover any illegally accessed money from an SMSF to lessen the severity of compliance breach penalties they may face.

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ATO, Pensions, Regulation

Take note of pension rule change

Pension TR 2013/5 ECPI Exempt current pension income ATO

SMSF trustees have been warned of the significant tax risks if minimum pension payments are missed following a change to an established ATO ruling.

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ATO, Compliance, Property, SMSF

Dig deep for commercial valuation data

Commercial property Qualified valuer's report Valuations

While a qualified valuer’s report is preferred for commercial property valuations, trustees can use objective data from alternative sources if they choose not to obtain one.

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