News : ATO

ATO, Compliance, Technology

ATO urges app use to prevent fraud

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

SMSF trustees and members have been encouraged to use an ATO-developed app that can lock down their fund if suspicious activity is flagged.

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ATO, Compliance

Trustee disqualifications decline

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

The number of trustees disqualified by the ATO has continued to fall during the year, following a trend seen during 2024.

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ATO, Compliance, Documentation, SMSF

Non-lodgements driving ATO action

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

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ATO, Auditing, Compliance

Bar is high for SMSF auditors

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

The ATO has set its expectations high for evidence provided by SMSF auditors, who cannot treat those standards with a relaxed attitude.

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ATO, Auditing, Compliance, Legislation, Regulation

Responses not indicative of ACR actions

All auditor contravention reports received by the ATO are examined and actioned but the regulator is limited as to the feedback it provides.

All auditor contravention reports received by the ATO are examined and actioned but the regulator is limited as to the feedback it provides.

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ATO, Compliance, SMSF, Tax

The focus on lifestyle assets

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

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ATO, Auditing, Compliance, Legislation, Regulation

Breach leniency contrasts audit focus

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

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ATO, Compliance, Valuations

ATO calls out two aspects of compliance

The ATO has highlighted two areas of compliance continuing to present challenges for trustees, raising the concerns of the regulator.

The ATO has highlighted two areas of compliance continuing to present challenges for trustees, raising the concerns of the regulator.

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ATO

ATO guidance akin to law

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

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ATO, NALI/NALE, Tax

LCR 2021/2 example too basic

One particular example contained in Law Companion Ruling 2021/2 seems to lack critical detail, compromising its effectiveness.

One particular example contained in Law Companion Ruling 2021/2 seems to lack critical detail, compromising its effectiveness.

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