News : ATO

ATO, Tax

ATO updates guidance on contribution deductions

SMSF members making deductions for personal contributions will need to provide written notice of their intent and receive written confirmation from the ATO.

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ATO, Auditing, Tax

SMSF returns to require new audit information

SMSF; annual return; audit

SMSFs will need to pay attention to changes in the 2019 SMSF annual return that require mandatory audit report information to be included for the first time.

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ATO, Superannuation, Tax

When is Division 293 tax paid?

SMSFs may be subject to paying tax on contributions made to the fund but, under Division 293, when can a fund member access money from the fund to pay that tax, and what steps are required to remain compliant with the ATO?

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ATO, Strategy

Paperwork and purpose provide NALI protection

Having sufficient paperwork and an investment strategy aligned to the purpose of an SMSF will help avoid claims against NALI arrangements, according to a financial services lawyer.

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ATO, Tax

Targeting of tax practitioners by TPB nets results

More than 6000 late lodgements of tax returns have been received from tax practitioners who were targeted for their non-compliance by the Tax Practitioners Board.

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ATO, Regulation

ATO incorporates social media in enforcement action

Social media has emerged as one of the means the ATO is using to toughen up its enforcement activities against the provision of illegal SMSF advice.

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ATO, Tax

TBAR cancellation errors avoidable

The ATO has warned that incorrect information in a cancellation TBAR will only create further reporting for trustees and suspend the cancellation.

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ATO, Tax

ATO making progress with annual return lodgement

FASEA; education; tool

An ATO program to improve compliance practices among SMSF trustees has led to an increase in the lodgement of annual returns.

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ATO, Superannuation

ATO protects $45m of super this year

SMSF; review; industry fund

In the current financial year, the ATO has protected $45 million in superannuation benefits due to its compliance and enforcement activities.

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ATO

ATO pushes trustees’ valuation responsibilities

The ATO will accept asset valuations from trustees but has reminded them of their responsibilities in accurately sourcing that information.

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