News : ATO

AAT, ATO, Regulation, SMSF

AAT rejects trustee disqualification appeal

Administrative Appeals Tribunal AAT ATO SMSF Self-managed superannuation fund Disqualification SIS Act Coronica and Commissioner of Taxation [2024] Superannuation Industry (Supervision) (SIS) Act

A banned SMSF trustee has failed to have his disqualification overturned, with the AAT stating the breaches he committed were too numerous and serious to disregard.

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ATO, Compliance, ECPI, Tax

Avoid ECPI Div 296 exploits

ECPI exempt current pension income Division 296 tax Total superannuation balance TSB

SMSFs should avoid strategies that exploit the tax-free aspects of the ECPI rules to sidestep potential Division 296 tax liabilities as they are readily identifiable as avoidance schemes.

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ATO, Compliance, SMSF

Early access treatment key to ATO actions

ATO Illegal early access Peter Bobbin SMSF Association Technical Summit Loans SMSF Self-managed superannuation

The illegal early access of benefits can be treated in a different factual manner to produce a better compliance outcome for the trustees involved.

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Administration, ATO, Regulation, Tax

SMSFs still eligible for GST rebate

GST SMSF Heffron ATO Self-managed super Reduced input tax credits

SMSFs may still be able to claim a rebate for the GST charged on financial advice fees from 1 July 2024.

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ATO, Death benefits, Estate Planning

Benefit destination may change tax treatment

ATO Death benefit dependant Superannuation Private ruling

The ATO has ruled a death benefit unable to be paid to a defined dependant cannot be received by their estate in the same form and loses any tax special tax treatment.

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ATO, Education

ATO releases SMSF education courses

ATO Education course Establishment Wind-up SMSF Self-managed super fund

The ATO has launched two new educational courses on its website to guide SMSF trustees through setting up or winding down a fund.

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ATO, NALI/NALE

ATO retains NALI nexus to CGT

ATO non-arm's-length income NALI capital gains tax CGT Tax Determination SMSF Association

The ATO will continue to view all capital gains in an SMSF as NALI where some of it has been the result of non-arm’s-length dealings.

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ATO, Auditing, Compliance, SMSF

ATO auditor notices spark confusion

SMSF Self-managed superannuation SMSF auditors ATO Unchanged asset valuations

SMSF auditors are confused by the ATO’s compliance program targeting funds with unchanged asset valuations due to unclear guidance on which funds are at risk.

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Administration, ATO, financial advice

Event-based reporting a struggle

Event based reporting SMSF Self-managed superannuation Investment Trends Yigit Gunhan

Event-based reporting imposed by the ATO has emerged as a significantly increasing challenge for advisers in servicing the SMSF sector.

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